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首页> 外文期刊>Journal of property research >Commercial Real Estate Market with Two-sided Random Search: Theory and Implications
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Commercial Real Estate Market with Two-sided Random Search: Theory and Implications

机译：商业房地产市场与双面随机搜索：理论与含义

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摘要

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.
机译：在本文中，我们建立了一个双面随机搜索模型，研究了商业房地产市场的买家和卖家之间的交易行为。我们的模式表明，搜查和讨价还价之间的互动对市场搜索摩擦的作用产生了深刻的影响，了解商业物业的均衡交易价格和买家和卖家的福祉。在传统的观点中，寻找摩擦的存在总是在商业房地产市场中发挥负面作用，我们发现在一些条件下，市场搜索摩擦可以增加商业物业的均衡交易价格，从而有利于卖方，这被认为是最有价值，特别是在商业周期的低迷期间。

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