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Impact of estate agents on market and the relationship with experience

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  • Serkan Dilek

Abstract

In markets we witness firms competing to satisfy the needs of consumers. The reason of their activity is to maximize their profits. On the other hand consumers try to maximize their utility by looking for goods with highest quality and cheapest price. Though in theory (perfect competition markets) scholars assumed that all agents have all information they needed, in daily life they don’t. They should strive to get information by searching. Addition to this, they face with transaction costs while they are searching. Intermediaries are important for decreasing transaction costs and searching time, facilitating transactions. However, some people don’t agree and they think that intermediaries are agents who earn without contributing market equilibrium or facilitating transactions. Experiences are important in making effective decisions and perceptions of agents. Generally, we witness that experienced agents make more accurate decisions in economic life. The aim of this study is to determine perceptions of Kastamonu University pupils about the role of intermediaries in economy and question the relationship between market experience and perceptions about the role of them in economy. To this aim, a query is conducted to pupils in university. In this query real estate market was chosen and questions were asked about them. Also, study searched if experiences are important in shaping perceptions and obtained significant results.

Suggested Citation

  • Serkan Dilek, 2014. "Impact of estate agents on market and the relationship with experience," Business and Economic Horizons (BEH), Prague Development Center, vol. 10(2), pages 94-106, July.
    • Handle: RePEc:pdc:jrnbeh:v:10:y:2014:i:2:p:94-106
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    References listed on IDEAS

    as
    1. Johanna Mair & Ignasi Marti & Marc Ventresca, 2012. "Building Inclusive Markets in Rural Bangladesh : How Intermediaries Work Institutional Voids," Post-Print hal-02276707, HAL.
    2. Hoch, Stephen J & Ha, Young-Won, 1986. "Consumer Learning: Advertising and the Ambiguity of Product Experience," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 13(2), pages 221-233, September.
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    More about this item

    Keywords

    Intermediaries; estate agents; transaction costs; facilitating transactions;
    All these keywords.

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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