This paper adopts a search model to examine individual seller's pricing strategy under two market conditions: first, sellers have reference-dependent utility; second, the housing market is less heterogeneous, such as multi-unit residential market. Acknowledging the fact that units in the same...

Many asset markets are composed of three types of participants: professional investors who possess superior skills or knowledge, uninformed private investors, and liquidity investors. In this paper, we analyze the properties of asset price and trading volume when professional investors are able...