The Experts below are selected from a list of 19395 Experts worldwide ranked by ideXlab platform
Randy I. Anderson - One of the best experts on this subject based on the ideXlab platform.
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X-Inefficiencies in the Residential Real Estate Market: A Stochastic Frontier Approach
Journal of Real Estate Research, 2009Co-Authors: Randy I. Anderson, Danielle Lewis, Leonard V. ZumpanoAbstract:This article examines the productive efficiency levels present in the market for Residential Real Estate brokerage services by employing the stochastic frontier approach. At the time this study was conducted (Anderson, Zumpano, Elder and Fok, 1998) that examined productive efficiency in this sector employed data envelopment analysis. This current article addresses potential statistical limitations of Data Envelopment Analysis and uses an alternative statistical tool, the stochastic frontier approach, to estimate X-efficiencies.This technique overcomes many of the statistical limitations of DEA and provides additional productive efficiency estimates. The results suggest that Residential Real Estate brokerage firms are relatively efficient, in contrast to the earlier study that found significant inefficiencies present in this market. Firms could only reduce their average total costs by 12% given firm outputs and input prices. Additionally, the firms were divided into three size categories to examine the imp...
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Residential Real Estate Brokerage Efficiency from a Cost and Profit Perspective
The Journal of Real Estate Finance and Economics, 2000Co-Authors: Randy I. Anderson, Danielle Lewis, Leonard V. ZumpanoAbstract:Using 1994–1995 microeconomic data from the National Association of Realtors (NAR), this article estimates cost and profit X-efficiency levels in the Residential Real Estate brokerage market using traditional and Bayesian stochastic frontier models. We find that firms err more from failure to maximize profits than from failure to minimize costs. To determine what characteristics influence efficiency, we perform a regression analysis. The results show that franchising and firm age are associated with increases in efficiency, while MLS affiliation and producing a balanced output of listings and sales decrease performance. Finally, we estimate economies of scale and find compelling evidence that firms are operating at increasing returns to scale.
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Measuring the Efficiency of Residential Real Estate Brokerage Firms
1999Co-Authors: Randy I. Anderson, Leonard V. Zumpano, Robert C.w. Fok, Harold W. ElderAbstract:This article measures overall, allocative, technical, pure technical and scale efficiency levels for a sample of Residential Real Estate brokerage firms using data envelopment analysis, a linear-programming technique. The results suggest that Real Estate brokerage firms operate inefficiently. Inefficiencies are primarily a function of sub-optimal input allocations and the failure to operate at constant returns to scale rather than from poor input utilization. Regression analysis is employed to determine which firm and/or market characteristics affect efficiency levels. The results show that increasing firm size increases efficiency while choosing to franchise, adding an additional multiple listing service and increasing operating leverage decreases firm performance.
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The efficiency of franchising in the Residential Real Estate brokerage market
Journal of Consumer Marketing, 1998Co-Authors: Randy I. Anderson, Robert FokAbstract:Franchising has been present in the Residential Real Estate brokerage market for many years. Today, nearly one of every five firms in this sector is organized as a franchise and one of every three agents works for an affiliated organization. Despite this high incidence of franchising, no current study has addressed how the decision to franchise impacts productive efficiency levels for these firms. The current paper measures the productive efficiency levels of Real Estate brokerage firms by employing data envelopment analysis (DEA). DEA was used to estimate overall, allocative, technical, pure technical, and scale efficiency levels for a set of franchised and non‐franchised firms gathered by the National Association of Realtors. The results suggest that firms in general are productively inefficient. Franchised firms were found to be more efficient in allocating resources, while non‐franchised firms were shown to be more scale and technically efficient.
Leonard V. Zumpano - One of the best experts on this subject based on the ideXlab platform.
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X-Inefficiencies in the Residential Real Estate Market: A Stochastic Frontier Approach
Journal of Real Estate Research, 2009Co-Authors: Randy I. Anderson, Danielle Lewis, Leonard V. ZumpanoAbstract:This article examines the productive efficiency levels present in the market for Residential Real Estate brokerage services by employing the stochastic frontier approach. At the time this study was conducted (Anderson, Zumpano, Elder and Fok, 1998) that examined productive efficiency in this sector employed data envelopment analysis. This current article addresses potential statistical limitations of Data Envelopment Analysis and uses an alternative statistical tool, the stochastic frontier approach, to estimate X-efficiencies.This technique overcomes many of the statistical limitations of DEA and provides additional productive efficiency estimates. The results suggest that Residential Real Estate brokerage firms are relatively efficient, in contrast to the earlier study that found significant inefficiencies present in this market. Firms could only reduce their average total costs by 12% given firm outputs and input prices. Additionally, the firms were divided into three size categories to examine the imp...
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Residential Real Estate Brokerage Efficiency from a Cost and Profit Perspective
The Journal of Real Estate Finance and Economics, 2000Co-Authors: Randy I. Anderson, Danielle Lewis, Leonard V. ZumpanoAbstract:Using 1994–1995 microeconomic data from the National Association of Realtors (NAR), this article estimates cost and profit X-efficiency levels in the Residential Real Estate brokerage market using traditional and Bayesian stochastic frontier models. We find that firms err more from failure to maximize profits than from failure to minimize costs. To determine what characteristics influence efficiency, we perform a regression analysis. The results show that franchising and firm age are associated with increases in efficiency, while MLS affiliation and producing a balanced output of listings and sales decrease performance. Finally, we estimate economies of scale and find compelling evidence that firms are operating at increasing returns to scale.
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Measuring the Efficiency of Residential Real Estate Brokerage Firms
1999Co-Authors: Randy I. Anderson, Leonard V. Zumpano, Robert C.w. Fok, Harold W. ElderAbstract:This article measures overall, allocative, technical, pure technical and scale efficiency levels for a sample of Residential Real Estate brokerage firms using data envelopment analysis, a linear-programming technique. The results suggest that Real Estate brokerage firms operate inefficiently. Inefficiencies are primarily a function of sub-optimal input allocations and the failure to operate at constant returns to scale rather than from poor input utilization. Regression analysis is employed to determine which firm and/or market characteristics affect efficiency levels. The results show that increasing firm size increases efficiency while choosing to franchise, adding an additional multiple listing service and increasing operating leverage decreases firm performance.
Robert Fok - One of the best experts on this subject based on the ideXlab platform.
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The efficiency of franchising in the Residential Real Estate brokerage market
Journal of Consumer Marketing, 1998Co-Authors: Randy I. Anderson, Robert FokAbstract:Franchising has been present in the Residential Real Estate brokerage market for many years. Today, nearly one of every five firms in this sector is organized as a franchise and one of every three agents works for an affiliated organization. Despite this high incidence of franchising, no current study has addressed how the decision to franchise impacts productive efficiency levels for these firms. The current paper measures the productive efficiency levels of Real Estate brokerage firms by employing data envelopment analysis (DEA). DEA was used to estimate overall, allocative, technical, pure technical, and scale efficiency levels for a set of franchised and non‐franchised firms gathered by the National Association of Realtors. The results suggest that firms in general are productively inefficient. Franchised firms were found to be more efficient in allocating resources, while non‐franchised firms were shown to be more scale and technically efficient.
James E. Larsen - One of the best experts on this subject based on the ideXlab platform.
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Leading Residential Real Estate Agents and Market Performance
Journal of Real Estate Research, 2009Co-Authors: James E. LarsenAbstract:This paper reports the results of an empirical study conducted to determine whether leading Residential Real Estate agents, as a group, follow various pricing and/or selling strategies that may enhance the amount of commissions generated. The results indicate that some of the success enjoyed by leading agents is attributable to the fact that they deal in higher value properties compared to other agents. However, controlling for differences in property characteristics and other factors, no other significant strategic differences are discovered between leading agents and others.
Danielle Lewis - One of the best experts on this subject based on the ideXlab platform.
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X-Inefficiencies in the Residential Real Estate Market: A Stochastic Frontier Approach
Journal of Real Estate Research, 2009Co-Authors: Randy I. Anderson, Danielle Lewis, Leonard V. ZumpanoAbstract:This article examines the productive efficiency levels present in the market for Residential Real Estate brokerage services by employing the stochastic frontier approach. At the time this study was conducted (Anderson, Zumpano, Elder and Fok, 1998) that examined productive efficiency in this sector employed data envelopment analysis. This current article addresses potential statistical limitations of Data Envelopment Analysis and uses an alternative statistical tool, the stochastic frontier approach, to estimate X-efficiencies.This technique overcomes many of the statistical limitations of DEA and provides additional productive efficiency estimates. The results suggest that Residential Real Estate brokerage firms are relatively efficient, in contrast to the earlier study that found significant inefficiencies present in this market. Firms could only reduce their average total costs by 12% given firm outputs and input prices. Additionally, the firms were divided into three size categories to examine the imp...
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Residential Real Estate Brokerage Efficiency from a Cost and Profit Perspective
The Journal of Real Estate Finance and Economics, 2000Co-Authors: Randy I. Anderson, Danielle Lewis, Leonard V. ZumpanoAbstract:Using 1994–1995 microeconomic data from the National Association of Realtors (NAR), this article estimates cost and profit X-efficiency levels in the Residential Real Estate brokerage market using traditional and Bayesian stochastic frontier models. We find that firms err more from failure to maximize profits than from failure to minimize costs. To determine what characteristics influence efficiency, we perform a regression analysis. The results show that franchising and firm age are associated with increases in efficiency, while MLS affiliation and producing a balanced output of listings and sales decrease performance. Finally, we estimate economies of scale and find compelling evidence that firms are operating at increasing returns to scale.
