Estimating financial information asymmetry in real estate transactions in China: An application of two-tier frontier model
This study applies the two-tier stochastic frontier model to estimate the distribution of housing transaction information in Hangzhou, Wenzhou, Ningbo, and Jinhua (four cities in Zhejiang Province, China) during the year 2018, to analyze the difference in the price information acquired by the buyers...
Saved in:
Main Authors: | , , |
---|---|
Format: | text |
Language: | English |
Published: |
Institutional Knowledge at Singapore Management University
2022
|
Subjects: | |
Online Access: | https://ink.library.smu.edu.sg/sis_research/6951 https://ink.library.smu.edu.sg/context/sis_research/article/7954/viewcontent/EstimatingFIS_RealEstate_China_av.pdf |
Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
Institution: | Singapore Management University |
Language: | English |
id |
sg-smu-ink.sis_research-7954 |
---|---|
record_format |
dspace |
spelling |
sg-smu-ink.sis_research-79542023-03-31T09:20:58Z Estimating financial information asymmetry in real estate transactions in China: An application of two-tier frontier model PU, Ganlin ZHANG, Ying CHOU, Li-Chen This study applies the two-tier stochastic frontier model to estimate the distribution of housing transaction information in Hangzhou, Wenzhou, Ningbo, and Jinhua (four cities in Zhejiang Province, China) during the year 2018, to analyze the difference in the price information acquired by the buyers and sellers in the transaction, and the effect of information asymmetry on the transaction price. The empirical results show that in each city, during the housing transaction process, the supplier has more complete information about house prices than consumers, and can therefore implement price discrimination strategies in setting service prices. Due to the disadvantage in acquired information, consumers on average need to pay a price 4.86% higher than a reasonable transaction price. In addition, the information asymmetry problem in urban areas is relatively more serious than in other areas. In terms of comparisons between cities, Hangzhou had the largest net surplus in the housing transaction market, followed by Jinhua, Ningbo, and Wenzhou. 2022-03-01T08:00:00Z text application/pdf https://ink.library.smu.edu.sg/sis_research/6951 info:doi/10.1016/j.ipm.2021.102860 https://ink.library.smu.edu.sg/context/sis_research/article/7954/viewcontent/EstimatingFIS_RealEstate_China_av.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Computing and Information Systems eng Institutional Knowledge at Singapore Management University A two-tier frontier model China Housing price Information asymmetry Asian Studies Numerical Analysis and Scientific Computing Real Estate |
institution |
Singapore Management University |
building |
SMU Libraries |
continent |
Asia |
country |
Singapore Singapore |
content_provider |
SMU Libraries |
collection |
InK@SMU |
language |
English |
topic |
A two-tier frontier model China Housing price Information asymmetry Asian Studies Numerical Analysis and Scientific Computing Real Estate |
spellingShingle |
A two-tier frontier model China Housing price Information asymmetry Asian Studies Numerical Analysis and Scientific Computing Real Estate PU, Ganlin ZHANG, Ying CHOU, Li-Chen Estimating financial information asymmetry in real estate transactions in China: An application of two-tier frontier model |
description |
This study applies the two-tier stochastic frontier model to estimate the distribution of housing transaction information in Hangzhou, Wenzhou, Ningbo, and Jinhua (four cities in Zhejiang Province, China) during the year 2018, to analyze the difference in the price information acquired by the buyers and sellers in the transaction, and the effect of information asymmetry on the transaction price. The empirical results show that in each city, during the housing transaction process, the supplier has more complete information about house prices than consumers, and can therefore implement price discrimination strategies in setting service prices. Due to the disadvantage in acquired information, consumers on average need to pay a price 4.86% higher than a reasonable transaction price. In addition, the information asymmetry problem in urban areas is relatively more serious than in other areas. In terms of comparisons between cities, Hangzhou had the largest net surplus in the housing transaction market, followed by Jinhua, Ningbo, and Wenzhou. |
format |
text |
author |
PU, Ganlin ZHANG, Ying CHOU, Li-Chen |
author_facet |
PU, Ganlin ZHANG, Ying CHOU, Li-Chen |
author_sort |
PU, Ganlin |
title |
Estimating financial information asymmetry in real estate transactions in China: An application of two-tier frontier model |
title_short |
Estimating financial information asymmetry in real estate transactions in China: An application of two-tier frontier model |
title_full |
Estimating financial information asymmetry in real estate transactions in China: An application of two-tier frontier model |
title_fullStr |
Estimating financial information asymmetry in real estate transactions in China: An application of two-tier frontier model |
title_full_unstemmed |
Estimating financial information asymmetry in real estate transactions in China: An application of two-tier frontier model |
title_sort |
estimating financial information asymmetry in real estate transactions in china: an application of two-tier frontier model |
publisher |
Institutional Knowledge at Singapore Management University |
publishDate |
2022 |
url |
https://ink.library.smu.edu.sg/sis_research/6951 https://ink.library.smu.edu.sg/context/sis_research/article/7954/viewcontent/EstimatingFIS_RealEstate_China_av.pdf |
_version_ |
1770576148584988672 |