The mortgage market collapse which followed the burst of the housing bubble in 2007 led to unprecedented levels of mortgage default, mortgage foreclosure, and housing vacancies. The dramatic increase in mortgage terminations prompted extensive discussions among academics, industry practitioners,...

Many goods are marketed after first stating a list price, with the expectation that the eventual sales price will differ. In this paper we first present a simple model of search behavior that includes the seller setting a list price. Holding constant the mean of the buyers' distribution of...