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1、本科毕业设计（论文）外文翻译原文：BuyingaHouseandtheDecisiontoUseaRealEstateBrokerIntroductionWhatisitthatresidentialrealestatebrokersdoandwhywouldahomebuyerengagetheirservices?Asisoftenthecase,answeringthisquestionisnotasimpletask.Homebuyerswhoacquiretheirhousethroughabro
2、kerdonotpurchasejustahouse--theyalsoobtaintheservicesofthebroker.Inotherwords,thesebuyersareconsumingabundledgood.Onedimensionofthisgoodislowersearchtime,andthuslowersearchcosts,associatedwithbuyingthroughabroker.Recentresearch(BarylaandZumpano,1995)sugges
3、tsthatchoosingabrokerimprovesthemarginalefficiencyofsearch,makingitmorelikelythatabuyerwillfindasatisfactorymatchearlierinthesearchprocess.Buyingthroughabrokeralsoincreasesthesupplyofhousesavailabletobuyers,andprovidesbuyerswithinformationonthequalityofdif
4、ferenthousesandtheneighborhoodsinwhichtheyarelocated.Brokersfrequentlyhelpbuyersidentifysourcesofmortgagefinancingandpropertyinsurance,aswellasassistbuyersinrecordingthetitle.Alloftheseservicessuggestthatbrokersprovidevalueaddedtobuyers(inadditiontoprovidi
5、ngaservicetosellers),somethingthatthesebuyerswouldbewillingtopayfor.Thus,thisbundleofservicesandthehousethatispurchasedwould,intuitively,bepricedhigherthanhomespurchasedwithouttheassistanceofabroker.Severalstudies(JanssenandJobson,1980;JudandFrew,1986)obse
6、rvethatbuyerspaymoreforhomeslistedwithbrokers.Itisnotpossible,however,todeterminewhetherthisappliestotheentireresidentialhousingmarket,sinceresearchtothispointhasreliedonlocaldata.Higherpricesindicateawillingnessbybuyerstopaymoreforbroker-listedhousesthant
7、hosesolddirectlybyowners.Alternatively,competitionfromfor-sale-by-ownerpropertiesmaypreventsellersfrompassingoncommissioncoststobuyersintheformofhigherprices.Therefore,atissueiswhetherbroker-assistedsalesresultinhigherprices.Ifsearchdurationisaffectedbybro
8、kerassistance,whataboutprice?Thisstudy10attemptstoanswerthesequestionsbydevelopinganempiricallytestablemodelofbrokerchoice.Intheprocess,thisstudyshouldprovideimportantinsightsintotheefficiencyoftheresidential
