Estimating financial information asymmetry in real estate transactions in China - An application of two-tier frontier model

作者：

Highlights：

• Price dispersion in housing market is explained by estimating the degree of information ignorance buyers and sellers.

• Price discrimination strategy set by house suppliers is due to their considerably high bargaining abilities in the market

• In case of Zhejiang Province of China, price discrimination strategy made the transaction price 4.86% higher than the reasonable price.

• Information asymmetry estimation in Zhejiang real estate transaction shows Hangzhou had the largest net surplus in housing transaction market, followed by Jinhua, Ningbo, and Wenzhou

摘要

•Price dispersion in housing market is explained by estimating the degree of information ignorance buyers and sellers.•Price discrimination strategy set by house suppliers is due to their considerably high bargaining abilities in the market•In case of Zhejiang Province of China, price discrimination strategy made the transaction price 4.86% higher than the reasonable price.•Information asymmetry estimation in Zhejiang real estate transaction shows Hangzhou had the largest net surplus in housing transaction market, followed by Jinhua, Ningbo, and Wenzhou

论文关键词：Housing price,Information asymmetry,A two-tier frontier model,China

论文评审过程：Received 11 October 2021, Revised 23 December 2021, Accepted 29 December 2021, Available online 13 January 2022, Version of Record 13 January 2022.

论文官网地址：https://doi.org/10.1016/j.ipm.2021.102860