Mechanisms where sellers set the price and are charged a linear commission fee are widely used by real world intermediaries, e.g. by real estate brokers. Empirically these commission fees exhibit very little variance, both across heterogeneous regional markets and over time. So far, there is no...

Like other markets, the plea bargaining market uses a pricing mechanism to coordinate market functions and to communicate critical information to participants, information that permits rational decisionmaking in the face of uncertainty. Because plea bargaining play such a prominent role in the...

How homes sell matters for housing price dynamics. Auction prices forecast better, display less momentum and help forecast economic activity much better than negotiated prices. This is consistent with mechanisms transmitting buyer vs. seller shocks to prices differently and, in light of auction...