题目：Empirical Models of Housing Search and Bargaining: Identification and Estimation

主讲人：顾祝铜，北京大学汇丰商学院

时间：2018年12月28日，13:30-15:00

地点：暨南大学中惠楼106B室

主讲人简介：

Dr. Zhutong Gu is an assistant professor in Peking University HSBC Business School. His research interests include applied econometrics, empirical industrial organization and microeconomics in general with a focus on identification and structural estimation. Before joining Peking University, he obtained Ph.D. in economics from Rutgers University-New Brunswick and B.A. in Marketing from Shanghai Jiao Tong University.

Abstract:

We study the constructive identification and estimation of home owner’s motivation to trade in a stationary home selling problem where sales prices are often negotiated and capped by list prices. We show that total number of visits together with the duration on market not only reveal important information on sellers’ reservation prices but also provide us with exogenous variation to separate unobserved housing attribute from seller heterogeneity. In particular, we show that the empirical distribution of sellers’ discount factors are nonparametrically identified given a conditional independence condition. We also propose to estimate the bargaining equation using nonparametric additive quantile regression with known censoring points. With a sample of Beijing housing transaction records, preliminary empirical evidences are provided.