An equilibrium model of advertising and natural vacancies in a spatially differentiated housing market

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“…Alternatively, one might broaden the perspective by formulating an integrated framework which analyzes residential search in relation to commuting and/or job mobility. In addition, one might analyze residential search from a spatial perspective along the lines of Read (1991). Space enters the decision problem with respect to both the neighborhood in which residences are examined and the geographic proximity of residential locations to workplace locations.…”

Housing Vacancy and Rental Adjustment: Evidence from Hong Kong

“…T hirdly, it is unlikely that all prospective tenants are com pletely uninfo rmed about vacant units. Read (1991) suggests that the full rent search strategy is similar to a matching process. The matching rate is sensitive to the landlord' s advertising strategy.…”

“…T he reservation price changes as the buyer learns more about the price distribution. As tenants may have preferences for particular dwelling units, the tenant' s expected search tim e will be longer or the willingne ss to accept a unit will be lower if he has more narrowly de® ned preferences (Read, 1991).…”

“…A thin housing market will give rise to a higher search tim e for tenants and will, therefore, result in a higher natural vacancy rate (Rosen and Smith, 1983;Read, 1991;Arnott, 1989;Belsky and Goodman, 1996). For instance, a large-unit market is always`thinner' than a small or medium one.…”