Information Costs and the Organization of the Real Estate Brokerage Industry in the U.S. and Great Britain

Thomas Miceli

Real Estate Economics, 1988, vol. 16, issue 2, 173-188

Abstract: This paper examines the differing organizations of the residential real estate brokerage industry in the U.S. and Great Britain, and argues that they may be interpreted as alternative solutions to a common set of informational problems. Of particular interest is why the multiple listing service — an arrangement whereby brokers share market information in an effort to exploit the public‐good nature of information — is so pervasive in the United States, but is largely absent in Great Britain. Some possible reasons are found in the differing histories of the parent housing markets, as well as other institutional differences.

Date: 1988
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