“Fire Sales” in housing market: is the house-searching process similar to a theme park visit?

Three striking empirical regularities have been repeatedly reported: the positive correlation between housing prices and trading volume, between housing price and the time-on-the-market (TOM), and the existence of price dispersion. This short paper provides perhaps the first unifying framework which mimics these phenomena in a simple competitive search framework. In the equilibrium, sellers with heterogeneous waiting cost and buyers are endogenously segregated into different submarkets, each with distinct market tightness and prices. With endogenous search effort, our model also reproduces the well-documented price-volume correlation. Directions for future research are also discussed.housing market, competitive search, price dispersion, trading volume, time on the market

¡§Fire Sales¡¨ in Housing Market: Is the House- Search Process Similar to a Theme Park Visit?

Three striking empirical regularities have been repeatedly reported: the positive correlation between housing prices and trading volume, and between housing price and time-on-the-market (TOM), and the existence of price dispersion. This short paper provides perhaps the first unifying framework which mimics these phenomena in a simple competitive search framework. In the equilibrium, sellers with heterogeneous waiting costs and buyers are endogenously segregated into different submarkets, each with distinct market tightness and prices. With endogenous search efforts, our model also reproduces the well-documented price-volume correlation. Directions for future research are also discussed.Housing market; Competitive search; Price dispersion; Trading volume; Time on the market

Periodic Anderson model with Holstein phonons for the description of the Cerium volume collapse

Recent experiments have suggested that the electron-phonon coupling may play an important role in the $\gamma \rightarrow \alpha$ volume collapse transition in Cerium. A minimal model for the description of such transition is the periodic Anderson model. In order to better understand the effect of the electron-phonon interaction on the volume collapse transition, we study the periodic Anderson model with coupling between Holstein phonons and electrons in the conduction band. We find that the electron-phonon coupling enhances the volume collapse, which is consistent with experiments in Cerium. While we start with the Kondo Volume Collapse scenario in mind, our results capture some interesting features of the Mott scenario, such as a gap in the conduction electron spectra which grows with the effective electron-phonon coupling.Comment: 8 pages, 6 figure

Validation of the A Posteriori Error Estimator Based on Polynomial Preserving Recovery for Linear Elements

In this paper the quality of the error estimator based on the Polynomial Preserving Recovery (PPR) is investigated using the computer-based approach proposed by Babiiska et al. A comparison is made between the error estimator based on the PPR and the one based on the Superconvergence Patch Recovery (SPR). It was found that the PPR is at least as good as the SPR