期刊名称：Journal of Management Science and Engineering
印刷版ISSN：2096-2320
出版年度：2018
卷号：3
期号：3
页码：141-157
DOI：10.3724/SP.J.1383.303008
语种：English
出版社：Elsevier
摘要：AbstractIn this paper, we build a two-period English auction model to study the relative movements between buyers’ and sellers’ reservation prices in the housing market. We show that changes in sellers’ reservation prices are jointly determined by changes in buyers’ reservation prices, probability of buyers offering a high or low price, and the arrival rate of buyers. When the divergence between the buyers’ and sellers’ reservation prices widens, the probability of sale increases in the upward market and decreases in the downward market, contributing to the increases or decreases in market liquidity.
