Introduction to Special Issue: Topics Related to Real Estate Market Efficiency

Daniel Broxterman (), Dean Gatzlaff (), Mariya Letdin (), G. Stacy Sirmans () and Tingyu Zhou
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Daniel Broxterman: Florida State University
Dean Gatzlaff: Florida State University
Mariya Letdin: Florida State University
G. Stacy Sirmans: Florida State University

The Journal of Real Estate Finance and Economics, 2023, vol. 66, issue 2, No 1, 197-202

Abstract: Abstract The efficiency of the real estate market is a major concern for homeowners, investors, lenders, policymakers, and researchers. Modern academic literature has mostly moved beyond an early emphasis on formal tests of informational efficiency. The Grossman and Stiglitz (The American Economic Review 70:393–408, 1980) paradox holds that perfect informational efficiency is impossible and the joint hypothesis problem implies that market efficiency is not even testable. Instead, researchers now commonly examine the speed, accuracy, and persistence of price movements in response to new information, as the allocative efficiency of a market ultimately depends on its degree of informational (and operational) efficiency. This special issue is devoted to exploring these issues.

Keywords: Real estate finance; Real estate investment; Real estate brokerage; Information frictions; Market efficiency; Information asymmetry (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s11146-022-09928-7

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