Clarity and preciseness in the use of language is crucial when communicating mathematical and probabilistic ideas. Lack of these can make even the simplest problem difficult to understand and solve. One such problem i...Clarity and preciseness in the use of language is crucial when communicating mathematical and probabilistic ideas. Lack of these can make even the simplest problem difficult to understand and solve. One such problem is the Monty Hall problem. In the past, a controversy was stirred among professional mathematicians when trying to reach a consensus on a solution to the problem. The problem still creates confusion among some of those who are asked to solve it for the first time. We purport to demonstrate the use of more precise language of basic conditional probability could have prevented the controversy.展开更多
This paper examines homebuyer＇s search process and the role of real estate broker in China＇s urban housing market, where inactive housing resale transactions and an immature brokerage industry are distinct character...This paper examines homebuyer＇s search process and the role of real estate broker in China＇s urban housing market, where inactive housing resale transactions and an immature brokerage industry are distinct characteristics. Guangzhou is used as a case study to model the intensity and duration of the search process. This study finds that buyers make trade-off between two search costs, activity cost and duration cost. The study also demonstrates that despite the industry＇s immature nature, buyers using brokers do increase search intensity and shorten search duration by reducing the activity cost. Empirical results show that there is no specific buyer group who can effectively lower their search cost by their own efforts, due to the poor information transparency in the current housing market. The broker-choice model shows that besides search cost, buyers＇ confidence in broker＇s service quality can also greatly influence their choice, so improvement in service quality and reputation has important implications for China＇s brokerage industry.展开更多
文摘Clarity and preciseness in the use of language is crucial when communicating mathematical and probabilistic ideas. Lack of these can make even the simplest problem difficult to understand and solve. One such problem is the Monty Hall problem. In the past, a controversy was stirred among professional mathematicians when trying to reach a consensus on a solution to the problem. The problem still creates confusion among some of those who are asked to solve it for the first time. We purport to demonstrate the use of more precise language of basic conditional probability could have prevented the controversy.
基金Supported by the National Natural Science Foundation of China (No. 70440005)
文摘This paper examines homebuyer＇s search process and the role of real estate broker in China＇s urban housing market, where inactive housing resale transactions and an immature brokerage industry are distinct characteristics. Guangzhou is used as a case study to model the intensity and duration of the search process. This study finds that buyers make trade-off between two search costs, activity cost and duration cost. The study also demonstrates that despite the industry＇s immature nature, buyers using brokers do increase search intensity and shorten search duration by reducing the activity cost. Empirical results show that there is no specific buyer group who can effectively lower their search cost by their own efforts, due to the poor information transparency in the current housing market. The broker-choice model shows that besides search cost, buyers＇ confidence in broker＇s service quality can also greatly influence their choice, so improvement in service quality and reputation has important implications for China＇s brokerage industry.
