ABSTRACT

In this paper, we set up a two-sided random search model to study the trading behaviour between buyers and sellers in the commercial real estate market. Our model shows that the interaction between search and bargaining has a profound influence on the role played by the market search friction regarding the equilibrium transaction price of commercial property and the well-being of both buyers and sellers. Against the traditional view that the existence of search friction always plays a negative role in the commercial real estate market, we find that under some conditions the market search friction can increase the equilibrium transaction price of commercial property and thus benefit sellers, which is considered the most valuable especially during the downturn of a business cycle.

摘要

在本文中，我们建立了一个双向随机搜索模型来研究商业房地产市场中买卖双方之间的交易行为。我们的模型表明，搜索和讨价还价之间的相互作用对市场搜索摩擦在商业财产的均衡交易价格以及买卖双方的福祉方面所起的作用有着深远的影响。相对于传统的搜索摩擦的存在一直在商业房地产市场中扮演消极作用的传统观点，我们发现在某些条件下，市场搜索摩擦可以提高商业财产的均衡交易价格，从而使卖方受益，这被认为是对房地产的有利影响。最有价值，尤其是在经济周期低迷时期。