A Statistical Explanation for Extreme Bids in the House Market.

This paper proposes a simple statistical explanation for the phenomenon of extreme bids. During a boom, the housing market regime switches from a single bidder to a multiple bidder environment. The sale price in a multiple bidder auction is the maximum bid and the distribution of maximum bids contai...

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Bibliographic Details

Published in:	Urban Studies (Routledge) Vol. 44; no. 12; pp. 2339 - 2356
Main Authors:	Levin, Eric J., Pryce, Gwilym B. J.
Format:	Article
Published:	Taylor & Francis Ltd Nov2007
Subjects:	Housing market Buyer's market Housing finance Auctions Bidders
Online Access:	View this record in EBSCOhost