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Research Seminars & Workshops @ IRES


Assistant Professor Hua Sun
Iowa State University

Common Agency with Common Effort: A Case in Real Estate Brokerage


Date:

13 August 2015 (Thursday)

Time:

4.00pm - 5.30pm

Venue:

RMI Executive Seminar Room, 21 Heng Mui Keng Terrace, I3 Building, Level 4


Abstract

We extend Williams (1998 RFS)'s common agency model to allow for common effort. One counter-intuitive finding in Williams paper is the absence of agency problem when a broker serves as common agent for multiple sellers. As a special case of our model, we show that this result cannot hold. Furthermore, a positive externality due to common effort emerges, which mitigates the agency problem relative to the benchmark case of exclusive effort.

About the Speaker

Hua Sun is currently an assistant professor of finance at Iowa State University. Hua is interested in real estate finance and housing economics. He has conducted research that examine house price index construction, behavior aspects in housing market and agency problem, etc. His research has been published at top real estate journals such as Real Estate Economics, Journal of Real Estate Finance and Economics, and Journal of Real Estate Research. Hua earned his Ph.D in Real Estate Finance from the University of British Columbia, Canada. Hua also got his M.Sc in Real Estate Management from the National University of Singapore, and B.A in Economics from Nankai University in China.

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