Challenge of disintermediation to the information service of brokers in the second-hand house market
ZHANG Hong1,2, CHEN Jiawei1,2, LI Vera3
1. Hang Lung Center for Real Estate, Tsinghua University, Beijing 100084, China;
2. Center for Urbanization and Industrial Development, Tsinghua University, Beijing 100084, China;
3. Department of Accountancy, Hang Seng Management College, Hong Kong 999077, China
Abstract：As the internet develops, more and more people are paying attention to disintermediation on the second-hand house market. This paper studies the difference between markets with automated trading platforms and those with broker information services using experimental economics. The results show that the problem of asymmetric information is worse in a market with automated trading platforms than with broker information services. Markets with broker information services are closer to the Pareto equilibrium than with automated trading platforms. Markets are less efficient with automated trading platforms than with broker information services. Thus, internet self-help trading platforms can not replace broker information services. Brokers should improve information quality to improve market efficiency.
张红, 陈嘉伟, 李维娜. 二手房市场非居间化对中介信息服务的挑战[J]. 清华大学学报（自然科学版）, 2017, 57(4): 415-420.
ZHANG Hong, CHEN Jiawei, LI Vera. Challenge of disintermediation to the information service of brokers in the second-hand house market. Journal of Tsinghua University(Science and Technology), 2017, 57(4): 415-420.
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2017, Vol. 57 
