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# WP19 — Literature review, Part A (theory): candidates NOT verified / NOT retained

Date: 2026-10-20. Rule applied: an item enters lit_part_A.csv only if a Crossref record (title, authors, year, container) matches the citation and the DOI resolves, or, for items without Crossref records, a publisher/RePEc page was fetched and saved as evidence. Everything below failed that test or was deliberately excluded; none of it may be cited from this file.

# A. Could not be verified (no usable bibliographic record reached)

Candidate (as suggested or found) What was tried Why unverified
Kotova, N. & Zhang, A. L., "Search Frictions and Idiosyncratic Price Dispersion in the US Housing Market" (SSRN 3386353, 2019) / later circulated as "Liquidity in Residential Real Estate Markets" (2020-21) Crossref (only the SSRN DOI 10.2139/ssrn.3386353 exists, no journal version), WebSearch, SSRN page (HTTP 403) Working paper only; no journal record; SSRN page could not be fetched to confirm current title/authors. Relevant to WP19's dispersion result (model-based liquidity measures: time-on-market and price dispersion) — Part B may wish to retry via the authors' websites.
Han, L. & Stacey, D.(?) "Housing Market Frictions and Affordability: A Search-and-Matching Perspective" (SSRN 6703338 / 6703260, 2026) Crossref (SSRN DOIs only), WebSearch (only UEA Summer School 2026 slides by Lu Han with that title surfaced), SSRN page (HTTP 403) Preprint of 2026; co-author could not be confirmed; no journal record. Potentially a very recent competing survey/model; the lead should check SSRN manually before any mention.
"Hendershott & Rutherford (brokers)" (suggested in the brief) Crossref bibliographic queries No paper with these two authors on brokerage theory could be located; the brokerage-theory slot is covered instead by Yavaş (1992), verified. Rutherford, Springer & Yavaş (2005, JFE) is empirical and belongs to Part B if wanted.
A formal search-bargaining theory of mortgage/financing contingencies other than Bian, Lin & Liu (2018) Two WebSearch passes + Crossref keyword queries ("financing contingency", "mortgage contingency", "cash buyers" + "search model") Nothing further found. The literature's theoretical treatment of financing contingencies in housing transactions appears limited to the calibrated model in Han & Hong (2024), the representative-seller model in Reher & Valkanov (2024), and Bian, Lin & Liu (2018). This is itself a finding for the novelty audit.

# B. Verified via Crossref but deliberately NOT retained in Part A (verification JSON deleted to keep the folder = cited set)

Item DOI Reason for exclusion
Kaplan, Mitman & Violante (2020), "The Housing Boom and Bust: Model Meets Evidence", JPE 128(9) 10.1086/708816 Brief asked to include only if clearly relevant to liquidity; the model has no search/liquidity margin (beliefs vs credit). Mention at most in passing.
Burnside, Eichenbaum & Rebelo (2016), "Understanding Booms and Busts in Housing Markets", JPE 124(4) 10.1086/686732 Belief-diffusion model of cycles; no search friction or liquidity discount; belongs to the cycles theme (Part B / general literature review), not to Part A microstructure.
Guerrieri, Shimer & Wright (2010), "Adverse Selection in Competitive Search Equilibrium", Econometrica 78(6) 10.3982/ECTA8535 Adverse-selection/competitive-search tool; WP19 has no private information about house quality. Taylor (1999) already covers the stale-listing stigma channel.
Burdett & Mortensen (1998), "Wage Differentials, Employer Size, and Unemployment", IER 39(2) 10.2307/2527292 Marked optional in the brief; Burdett & Judd (1983) suffices as the price-dispersion benchmark.
Chen & Rosenthal (1996), "On the Use of Ceiling-Price Commitments by Monopolists", RAND 27(2) 10.2307/2555923 List-price-as-ceiling theory; Horowitz (1992) and Arnold (1999) already cover the list-price role within housing.
Williams (1998), "Agency and Brokerage of Real Assets in Competitive Equilibrium", RFS 11(2) 10.1093/rfs/11.2.239 Brokerage/agency focus; outside WP19's mechanism.
Read (1991), "A Price Dispersion Equilibrium in a Spatially Differentiated Housing Market with Search Costs", REE 19(4) 10.1111/1540-6229.00566 Rental-market dispersion from spatial differentiation; Maury & Tripier (2014) and Burdett & Judd (1983) retained instead.
Cheng, Lin & Liu (2013), "Liquidity Risk of Private Assets: Evidence from Real Estate Markets", Financial Review 48(4) 10.1111/fire.12020 Portfolio-risk metric for commercial real estate; Lin & Vandell (2007), Lin & Liu (2008) and Cheng, Lin & Liu (2010) already represent this strand.
Ben-Shahar & Golan (2022), "Price dispersion and time-on-market in the housing market", JHE 58 10.1016/j.jhe.2022.101875 No abstract could be read (ScienceDirect/IDEAS fetch failed); appears empirical — handed to Part B rather than cited blind.
Gabrovski & Ortego-Marti (2025), "Home construction financing and search frictions in the housing market", RED 55 10.1016/j.red.2024.101253 Verified but abstract not read; construction-financing focus is peripheral to WP19. Could be added later if the lead reads it.

# C. Corrections to the brief's bibliographic hints (verified outlets differ from the ones suggested)

  • Albrecht, Gautier & Vroman, "Directed Search in the Housing Market" is in the Review of Economic Dynamics 19 (2016), not IER.
  • Ngai & Sheedy, "The Decision to Move House…" is in the JEEA 18(5) (2020), not AER.
  • Moen, Nenov & Sniekers, "Buying First or Selling First…" is in the JEEA 19(1) (2021; online 2019), not REStud.
  • Piazzesi, Schneider & Stroebel, "Segmented Housing Search" is in the AER 110(3) (2020), not JPE.
  • Gabrovski & Ortego-Marti, Beveridge-curve paper is in the Journal of Economic Theory 181 (2019), not JUE; their efficiency paper is "A note on the efficiency in the housing market with search frictions", Macroeconomic Dynamics 29 (2025).
  • Williams (1995), "Pricing Real Assets with Costly Search" is in the Review of Financial Studies 8(1), not JREFE.
  • Novy-Marx (2009), "Hot and Cold Markets" is in Real Estate Economics 37(1), not RFS.
  • Hedlund's "Illiquidity and its discontents" is JME 83 (2016) and "The cyclical dynamics of illiquid housing…" is Quantitative Economics 7(1) (2016) — both as suggested.
  • Reher & Valkanov, "The Mortgage-Cash Premium Puzzle", Journal of Finance 79(5): 3149-3201 (2024) — confirmed.
  • Han & Hong, "Cash is King? Understanding financing risk in housing markets", Review of Finance 28(6): 2083-2118 (2024) — confirmed.
  • Guren & McQuade (2020) REStud DOI is 10.1093/restud/rdaa001 (a first guess, rdz059, belongs to an unrelated article and was discarded).

# Part B — candidates not verified (excluded from lit_part_B.csv)

Compiled 2026-10-20. Items below were in the Part B brief or surfaced during searching but could not be matched to a Crossref record or an authoritative page with the stated authors/outlet/year, or were verified but judged out of scope. None is cited in the CSV or the notes.

# Not found / misattributed in the brief

  • "Benefield, Cain & Johnson 2014 JREFE (withdrawn listings)": no such JREFE paper found. The three authors' JREFE paper is Benefield, Cain and Johnson (2011), "On the Relationship Between Property Price, Time-on-Market, and Photo Depictions in a Multiple Listing Service," JREFE 43, 401–422 (photos, not withdrawals); their 2014 item is a Journal of Real Estate Literature review of simultaneous price/TOM modelling. Replaced by Benefield & Hardin (2015, JREFE 50(1)) on TOM measurement and relisting, which is verified.
  • "Carrillo, de Wit & Larson 2015 — Can tightness in the housing market be measured?": the verified title is "Can Tightness in the Housing Market Help Predict Subsequent Home Price Appreciation? Evidence from the United States and the Netherlands," Real Estate Economics 43(3), 609–651 (included under the correct title).
  • "Harding, Rosenblatt & Yao 2012 JUE": the paper is 2009, JUE 66(3), 164–178 (included with the correct year).
  • "Goetzmann & Peng 2006 JREFE — Estimating house price distributions when sales are selected": no JREFE record; the verified paper is "Estimating House Price Indexes in the Presence of Seller Reservation Prices," Review of Economics and Statistics 88(1), 100–112 (included under the correct title/outlet).
  • "Springer 1996 JREFE — The impact of seller motivation on price and marketing time": verified title is "Single-family housing transactions: Seller motivations, price, and marketing time," JREFE 13(3) (included).
  • "Hort 2000 JUE": the paper is in Regional Science and Urban Economics 30(1), 99–119 (included with the correct outlet; abstract not retrievable, content flagged [unconfirmed]).
  • "Clayton, MacKinnon & Peng 2008 JREFE": the paper is in Journal of Real Estate Research 30(2), 125–160 (included with the correct outlet).
  • "Bian, Brastow, Waller — financing contingency": no paper by these authors on financing contingencies was found; the verified contingency paper is Lin, Seiler, Siebert & Winkler (2025, Journal of Housing Economics 68; CESifo WP 9947, 2022, first-authored by Gordon). Included.
  • "Anglin 2006?" on withdrawal: Anglin (2006, Journal of Housing Economics 15(4)) is verified bibliographically and included, but no abstract could be retrieved from IDEAS, Semantic Scholar, OpenAlex or the publisher, so its content is flagged [unconfirmed].

# Verified but excluded (out of scope for Part B)

  • Peterson, Brian (2012), "Fooled by Search: Housing Prices, Turnover and Bubbles," Bank of Canada Staff Working Paper 12-3 — verified via IDEAS (evidence saved in verification/B_peterson2012fooled.evidence.txt). It is a behavioural search model estimated on US data, not Canadian time-on-market evidence; it belongs, if anywhere, in Part A.
  • Guren & McQuade (2020, REStud), Taylor (1999, REStud), Yavas & Yang (1995, REE), Stein (1995, QJE), Guren (2018, JPE): theory/structural papers already verified by Part A (verification/A_*.crossref.json); not duplicated here.
  • Lambie-Hanson (2015, JUE 90, 1–16), "When does delinquency result in neglect?": verified in Crossref but concerns property maintenance externalities rather than liquidity; dropped to keep the CSV focused.
  • Bhutta & Ringo, Fuster et al., DeFusco et al., Allen–Clark–Houde are mortgage-market papers retained only as inputs to WP19's qualification/approval parameters; they are not housing-liquidity papers per se.

# Searched for and not found

  • Canadian or Québec studies of residential time on market, cash discounts or forced-sale discounts (academic, peer-reviewed): none surfaced in standard web search beyond industry commentary (RBC, BMO, Scotiabank notes on sales-to-new-listings ratios and months of inventory, which are not citable research). Dachis, Duranton & Turner (2012) and Allen, Clark & Houde (2019) are the only verified Canadian papers included.
  • Statistics Canada analytical papers on housing liquidity: none identified with verifiable bibliographic records.

# Abstract not retrievable (included with reduced confidence)

  • zuehlke1987duration, carrillo2012potatoes, hort2000turnover, anglin2006liquidity, gatzlaff1998selection: Crossref records confirm authors/title/outlet/year, but JSTOR/Elsevier pages blocked extraction and no open abstract exists on IDEAS, Semantic Scholar or OpenAlex. Their key_finding fields are deliberately generic and marked "[details unconfirmed]"; confidence = medium.