?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F49890%2F&rft.title=Housing+Search+and+Liquidity+in+Spatial+Equilibrium&rft.creator=Vanhapelto%2C+Tuuli&rft.creator=Magnac%2C+Thierry&rft.subject=B-+ECONOMIE+ET+FINANCE&rft.description=Local+housing+markets+differ+in+their+liquidity%2C+the+ease+of+transacting.+Transacting+is+often+easier+in+urban+rather+than+rural+locations%2C+for+example.+To+rationalize+these+liq-uidity+differences%2C+we+set+up+a+model+of+housing+search+in+the+cross-section+of+multiple+interconnected+local+markets.+Markets+vary+in+structural+characteristics%2C+leading+some+to+be+in+higher+demand+than+others%2C+which+in+turn+affects+equilibrium+liquidity+across+local+markets.+Taking+the+model+to+data+in+Finland%2C+we+find+that+the+housing+market+consists+of+very+heterogeneous+segments%2C+and+especially+the+value+of+housing+services+and+the+efficiency+of+the+meeting+technology+matter+for+the+cross-sectional+variation+in+liquid-ity.+Accounting+for+equilibrium+buyer+sorting+is+important%3A+characteristics+like+the+value+of+housing+services+affect+liquidity+both+directly+but+also+by+attracting+more+prospective+buyers+into+the+market.&rft.publisher=TSE+Working+Paper&rft.date=2024-11&rft.type=Monograph&rft.type=NonPeerReviewed&rft.format=text&rft.language=en&rft.identifier=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F49890%2F1%2Fwp_tse_1596.pdf&rft.identifier=++Vanhapelto%2C+Tuuli+%3Chttps%3A%2F%2Fwww.idref.fr%2F278761666%3E+and+Magnac%2C+Thierry+%3Chttps%3A%2F%2Fwww.idref.fr%2F032900279%3E++(2024)+Housing+Search+and+Liquidity+in+Spatial+Equilibrium.++TSE+Working+Paper%2C+n.+24-1596%2C+Toulouse+++++&rft.relation=http%3A%2F%2Ftse-fr.eu%2Fpub%2F129936&rft.language=en