Challenge of disintermediation to the information service of brokers in the second-hand house market

被引：0
|
作者：
Zhang H. [1 ,2 ]
Chen J. [1 ,2 ]
Li V. [3 ]
机构：
[1] Hang Lung Center for Real Estate, Tsinghua University, Beijing
[2] Center for Urbanization and Industrial Development, Tsinghua University, Beijing
[3] Department of Accountancy, Hang Seng Management College, Hong Kong
来源：
Qinghua Daxue Xuebao/Journal of Tsinghua University | 2017年 / 57卷 / 04期
关键词：
Broker information services; Disintermediation; Experimental economics; Internet self-help trading platforms; Second-hand housing market;
D O I：
10.16511/j.cnki.qhdxxb.2017.25.014
中图分类号：
学科分类号：
摘要：
As the internet develops, more and more people are paying attention to disintermediation on the second-hand house market. This paper studies the difference between markets with automated trading platforms and those with broker information services using experimental economics. The results show that the problem of asymmetric information is worse in a market with automated trading platforms than with broker information services. Markets with broker information services are closer to the Pareto equilibrium than with automated trading platforms. Markets are less efficient with automated trading platforms than with broker information services. Thus, internet self-help trading platforms can not replace broker information services. Brokers should improve information quality to improve market efficiency. © 2017, Tsinghua University Press. All right reserved.
引用
收藏
页码：415 / 420
页数：5
相关论文
共 17 条
  • [1] Song X., Li Z., The development strategy for real estate agency, Shanghai Economic Review, 3, pp. 83-87, (2005)
  • [2] Guttery R., Baen J., Benjamin J., Alamo R: The effects of technology changes on real estate brokerage, Journal of Real Estate Practice and Education, 3, 1, pp. 71-84, (2000)
  • [3] Zumpano L.V., Johnson K.H., Anderson R.I., Internet use and real estate brokerage market intermediation, Journal of Housing Economics, 12, 2, pp. 134-150, (2003)
  • [4] Benjamin J.D., Jud G.D., Roth K.A., Et al., Technology and realtor income, The Journal of Real Estate Finance and Economics, 25, 1, pp. 51-65, (2002)
  • [5] Gwin C., International comparisons of real estate e-information on the internet, Journal of Real Estate Research, 26, 1, pp. 1-24, (2004)
  • [6] Muhanna W., Wolf J., The impact of e-commerce on the real estate industry: Baen and Guttery revisited, Journal of Real Estate Portfolio Management, 8, 2, pp. 141-152, (2002)
  • [7] Ran C., How to meet the challenge of disintermediation-strategic directions of traditional intermediaries and the role of internet, Reformation & Strategy, 26, 12, pp. 40-43, (2010)
  • [8] Li X., The challenge from disintermediation to the retail car business, Market Weekly, 2, pp. 53-55, (2004)
  • [9] Li A., The Impacts of Information Technology on Real Estate Brokerage in China, (2005)
  • [10] Sahin M.A., Sirmans C.F., Yavas A., Buyer brokerage: Experimental evidence, Journal of Housing Economics, 22, 4, pp. 265-277, (2013)
12