Steering in the housing market: Incentive induced by the tax scheme

IF 3.5 2区 经济学 Q1 ECONOMICS Regional Science and Urban Economics Pub Date : 2023-10-04 DOI:10.1016/j.regsciurbeco.2023.103953
Keyang Li , Jing Wu , Jianwei Xing , Jubo Yan
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Abstract

Intermediaries play an important role in markets with asymmetric information by reducing search friction and uncertainty for buyers and sellers. However, when a conflict of interest arises, agents may not fully act on behalf of their clients. Using a unique dataset of both housing resale transactions and agent showing records from a major brokerage firm, we document the brokerage agents' steering behaviors induced by the differential treatment of certain housing units under the taxation scheme in China. Our results show that brokerage agents strategically promote the units that receive more favorable tax treatment because these units offer higher expected commissions. The steering efforts lead to better sales performances of the promoted houses and are highly correlated with the agents' ability and steering incentives. Buyers' viewing and purchasing decisions are significantly affected by agents’ steering.

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房地产市场的指导:税收计划引发的激励
中介机构通过减少买家和卖家的搜索摩擦和不确定性,在信息不对称的市场中发挥着重要作用。然而,当出现利益冲突时,代理人可能不会完全代表其客户行事。利用一个独特的住房转售交易数据集和一家主要经纪公司的代理人展示记录,我们记录了中国税收制度下某些住房单元的差别待遇导致的经纪代理人的操纵行为。我们的研究结果表明,经纪代理从战略上推广那些获得更优惠税收待遇的单位,因为这些单位提供了更高的预期佣金。引导工作会使促销房屋的销售业绩更好,并与代理商的能力和引导激励因素高度相关。买家的观看和购买决策在很大程度上受到代理商指导的影响。
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来源期刊
CiteScore
5.30
自引率
9.70%
发文量
63
期刊介绍: Regional Science and Urban Economics facilitates and encourages high-quality scholarship on important issues in regional and urban economics. It publishes significant contributions that are theoretical or empirical, positive or normative. It solicits original papers with a spatial dimension that can be of interest to economists. Empirical papers studying causal mechanisms are expected to propose a convincing identification strategy.
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