Impact of estate agents on market and the relationship with experience

Serkan Dilek

Business and Economic Horizons (BEH), 2014, vol. 10, issue 2, 94-106

Abstract: In markets we witness firms competing to satisfy the needs of consumers. The reason of their activity is to maximize their profits. On the other hand consumers try to maximize their utility by looking for goods with highest quality and cheapest price. Though in theory (perfect competition markets) scholars assumed that all agents have all information they needed, in daily life they don’t. They should strive to get information by searching. Addition to this, they face with transaction costs while they are searching. Intermediaries are important for decreasing transaction costs and searching time, facilitating transactions. However, some people don’t agree and they think that intermediaries are agents who earn without contributing market equilibrium or facilitating transactions. Experiences are important in making effective decisions and perceptions of agents. Generally, we witness that experienced agents make more accurate decisions in economic life. The aim of this study is to determine perceptions of Kastamonu University pupils about the role of intermediaries in economy and question the relationship between market experience and perceptions about the role of them in economy. To this aim, a query is conducted to pupils in university. In this query real estate market was chosen and questions were asked about them. Also, study searched if experiences are important in shaping perceptions and obtained significant results.

Keywords: Intermediaries; estate agents; transaction costs; facilitating transactions (search for similar items in EconPapers)
JEL-codes: D44 D83 L85 (search for similar items in EconPapers)
Date: 2014
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