1# WP19 — Literature review, Part A (theory): candidates NOT verified / NOT retained23Date: 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.45## A. Could not be verified (no usable bibliographic record reached)67| Candidate (as suggested or found) | What was tried | Why unverified |8|---|---|---|9| 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. |10| 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. |11| "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. |12| 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. |1314## B. Verified via Crossref but deliberately NOT retained in Part A (verification JSON deleted to keep the folder = cited set)1516| Item | DOI | Reason for exclusion |17|---|---|---|18| 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. |19| 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. |20| 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. |21| 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. |22| 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. |23| 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. |24| 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. |25| 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. |26| 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. |27| 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. |2829## C. Corrections to the brief's bibliographic hints (verified outlets differ from the ones suggested)3031- Albrecht, Gautier & Vroman, "Directed Search in the Housing Market" is in the **Review of Economic Dynamics** 19 (2016), not IER.32- Ngai & Sheedy, "The Decision to Move House…" is in the **JEEA** 18(5) (2020), not AER.33- Moen, Nenov & Sniekers, "Buying First or Selling First…" is in the **JEEA** 19(1) (2021; online 2019), not REStud.34- Piazzesi, Schneider & Stroebel, "Segmented Housing Search" is in the **AER** 110(3) (2020), not JPE.35- 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).36- Williams (1995), "Pricing Real Assets with Costly Search" is in the **Review of Financial Studies** 8(1), not JREFE.37- Novy-Marx (2009), "Hot and Cold Markets" is in **Real Estate Economics** 37(1), not RFS.38- 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.39- Reher & Valkanov, "The Mortgage-Cash Premium Puzzle", **Journal of Finance** 79(5): 3149-3201 (2024) — confirmed.40- Han & Hong, "Cash is King? Understanding financing risk in housing markets", **Review of Finance** 28(6): 2083-2118 (2024) — confirmed.41- Guren & McQuade (2020) REStud DOI is 10.1093/restud/**rdaa001** (a first guess, rdz059, belongs to an unrelated article and was discarded).42