Challenge of disintermediation to the information service of brokers in the second-hand house market

ZHANG Hong; CHEN Jiawei; LI Vera

doi:10.16511/j.cnki.qhdxxb.2017.25.014

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Journal of Tsinghua University(Science and Technology) ›› 2017, Vol. 57 ›› Issue (4) : 415-420. DOI: 10.16511/j.cnki.qhdxxb.2017.25.014

ECONOMIC AND PUBLIC MANAGEMENT

Challenge of disintermediation to the information service of brokers in the second-hand house market

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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.

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internet self-help trading platforms / second-hand housing market / disintermediation / broker information services / experimental economics

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ZHANG Hong, CHEN Jiawei, LI Vera. Challenge of disintermediation to the information service of brokers in the second-hand house market[J]. Journal of Tsinghua University(Science and Technology). 2017, 57(4): 415-420 https://doi.org/10.16511/j.cnki.qhdxxb.2017.25.014

References

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