Observing that real estate transactions are often based on minimal information and crude perceptions of actual value, alternative strategies are examined. The optimal or most realistic strategy appears to be one in which the seller updates information based on bids received.
models, stull strategy, simon strategy, rothschild strategy
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The author wishes to thank the participants in the Finance workshop at the Edwin L. Cox School of Business for their comments on an earlier draft. This research was funded by grants from the Texas Real Estate Research Center and the Edwin L. Cox School of Business Trimester Research Fellowship Program .