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Search Costs, Behavioral Biases, and Information Intermediary Effects
2016
Journal of real estate finance and economics
Buyers in commercial real estate markets often pay different prices for comparable properties. We document that distant commercial real estate buyers pay, on average, a premium relative to local buyers, controlling for individual property characteristics as well as time fixed-effects. We test the extent to which the sources of these observed premiums are a product of higher search costs/information asymmetry problems associated with distance (search cost channel) or a result of
doi:10.1007/s11146-016-9582-z
fatcat:zzzbmfnzpnhupjrvmfegkrzai4