Although urban land development is a well-researched area, there has been inadequate research on the allocation mechanism for land. This paper offers a new perspective on the effects of the auction mechanism on land values. By appealing to an experimental setting to examine the bidding behaviour...

"We use the methodology applied at the aggregate level by Gali and Gertler (1999) to analyze price and cost data for U.S. six-digit North American Industry Classification System (NAICS) industries. Industries with price adjustment periods of at least 6 quarters generate no more than about 43% of...

Several studies document asymmetric price adjustment in gasoline and agricultural markets. Do these results extend to other subsectors of the economy? This paper investigates the existence of asymmetric price adjustment in 269 6-digit North American Industrial Classification System (NAICS)...

Sellers and brokers may differ in preferred timing of costly promotion. Sellers with holding costs are anxious to sell. Sellers with showing costs want a slower approach. We find a standard listing contract where the broker chooses promotion timing can be efficient if sellers have no significant...

How much information should brokers supply on a website? The Internet allows brokers to reduce the cost of providing information to potential buyers. However, brokers may risk disintermediation if they provide too much information. This paper presents a model of a broker’s choice of how...