This research provides evidence on the role of information asymmetry and personal affiliations in housing transactions using a novel dataset that allows observation of detailed information about the property, broker, and seller. Sellers holding a real estate license are found to obtain about 1.6% (or $3,200) more for their properties than unlicensed sellers, and sellers personally affiliated to a real estate licensee (e.g., spouses, siblings, parents) also obtain a premium of about the same size, all else equal. There is evidence from appraisal training that knowledge of property valuation further increases the price disparities, while informative public property records reduce price disparities. Agents and personal affiliates of agents appear to use information advantages to time the market and capture capital gains. These new findings provide insights into the behaviors of market participants in asymmetric information environments.

中文翻译：

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经纪房屋交易中的信息和个人隶属关系不对称

这项研究使用新颖的数据集提供了有关信息不对称和个人联系在房屋交易中的作用的证据，该数据集允许观察有关房地产，经纪人和卖方的详细信息。发现持有房地产许可证的卖方所获得的财产比无牌卖方多获得约1.6％（或$ 3,200）的收益，并且个人与房地产许可证持有人有关联的卖方（例如，配偶，兄弟姐妹，父母）也可获得约6％的溢价。大小相同，其他所有条件都相同。评估培训中有证据表明，对财产估价的了解进一步增加了价格差异，而内容丰富的公共财产记录则减少了价格差异。代理商和代理商的个人分支机构似乎在利用信息优势来为市场计时并获取资本收益。