This paper offers an experimental investigation of two commission structures for buyer brokerage. One commission structure is the currently used structure in the industry where both the seller’s broker and the buyer’s broker each receive a percentage of the sales price as their compensation...

This paper adapts the theory of efficiency wages to explain the natural vacancy rate in rental housing markets. A positive vacancy rate provides landlords an incentive to invest in maintenance because if they fail to do so, some tenants will leave and the unit will sit vacant for a finite period...

This paper examines the efficiency of eminent domain used to acquire green spaces, situations in which private investment permanently destroys the ecological externality value of land. The real option approach takes into account this irreversibility and changes established conclusions for the...