Abdullah Yavas

Abdullah Yavas holds the Robert E. Wangard Real Estate Chair and is the department chair of Real Estate and Urban Land Economics at the University of Wisconsin-Madison’s Wisconsin School of Business. Previously, he was the Elliott Professor of Business Administration and the research director of the Institute for Real Estate Studies in the Smeal College of Business at Pennsylvania State University, where he received the Fred Brand Award for Outstanding Teaching, Smeal College's highest undergraduate teaching award. His research focuses on the economics of intermediation broadly defined with a special focus on real estate brokerage. His research interests include real estate brokerage, mortgage contracts, real estate auctions, economics of information, and experimental economics. Yavas has authored or co-authored more than 60 articles in peer-reviewed journals on real estate, finance, and economics. The results of his research have been cited in some of the nationally known publications, including The Wall Street Journal, Time, Money, BusinessWeek, The Philadelphia Inquirer, and Boston Sunday Globe. He has consulted for mortgage companies and real estate investment trusts. Yavas is a world-renowned economist. In 2001, he made the World's Top 500 Economists list, according to the number of articles published, prepared by Tom Coupé and sponsored by the European Economic Association. Yavas is the editor of Real Estate Economics and a Fellow of Real Estate Research Institute. Yavas also serves on the Monetary Policy Committee of the Central Bank of the Republic of Turkey. He holds a B.A. in business from Bogazici University and a Ph.D. in economics from the University of Iowa.

Selected Accepted Journal Articles

• Yavas, A. & Allen, M. & Rutherford , J. & Rutherford, R. (2017). Impact of Investors in Distressed Housing Markets. Journal of Real Estate Finance and Economics (Forthcoming)
• Yavas, A. & Tunc, C. (2017). Collateral Damage: The Impact of Mortgage Debt on U.S. Savings. Housing Policy Debate (Forthcoming)
• Huddart, S. & Yavas, A. (2015). The Efficiency of Stock-Based Incentives: Experimental Evidence. Journal of Behavioral Finance (Forthcoming)

Selected Published Journal Articles

• Tunc, C. & Yavas, A. (2016). Not All Credit is Created Equal: Mortgage vs Non-mortgage Debt and Private Saving Rate in Turkey. Central Bank Review (16), 25-32.
• Ambrose, B. & Sanders, A. & Yavas, A. (2016). Servicers and Mortgage-Backed Securities Default: Theory and Evidence. Real Estate Economics (44), 462-489.
• Li, Y. & Yavas, A. (2015). Residential Brokerage in Hot and Cold Markets. Journal of Real Estate Finance and Economics (51), 1-21.
• Li, L. & Yavas, A. (2015). The Impact of a Multiple Listing Service. Real Estate Economics (43), 471-506.
• Chow , Y. & Hafalir, I. & Yavas, A. (2015). Auction versus Negotiated Sale: Evidence from Real Estate Sales. Real Estate Economics (43), 432-470.
• Sahin, M. & Sirmans, C. & Yavas, A. (2013). Buyer Brokerage: Experimental Evidence. Journal of Housing Economics (22), 265-277.
• Bian, X. & Yavas, A. (2013). Prepayment Penalty as a Screening Mechanism for Default and Prepayment Risks. Real Estate Economics (41), 193-224.
• Ikramov , N. & Yavas, A. (2012). Asset Characteristics and Boom and Bust Periods: An Experimental Study. Real Estate Economics (40), 508-535.
• Agarwal, S. & Chang, Y. & Yavas, A. (2012). Adverse Selection in Mortgage Securization. Journal of Financial Economics (105), 640-660.
• Rutherford, R. & Yavas, A. (2012). Discount Brokerage in Residential Real Estate Markets. Real Estate Economics (40), 508-535.
• Ikromov, N. & Yavas, A. (2012). Cash Flow Volatility, Prices and Price Volatility: An Experimental Study. Journal of Real Estate Finance and Economics (44), 203-229.
• Yildirim, Y. & Yavas, A. (2011). Price Discovery in Real Estate Markets: A dynamic Analysis. Journal of Real Estate Finance and Economics (42), 1-29.
• Vandegrift, D. & Yavas, A. (2011). An Experimental Test of Behavior under Team Production. Managerial and Decision Economics (32), 35-51.
• Vandegrift, D. & Yavas, A. (2010). An Experimental Test of Sabotage in Tournaments. Journal of Institutional and Theoretical Economics (166), 259-285.
• Fisher, L. & Yavas, A. (2010). Case for Percentage Commission Contracts: The Impact of a "Race" Among Agents. Journal of Real Estate Finance and Economics (40), 1-13.
• Chang, Y. & Yavas, A. (2009). Do Borrowers Make Rational Choices on Points and Refinancing?. Real Estate Economics (37), 635-658.
• Vandegrift, D. & Yavas, A. (2009). Men, Women and Competition: an Experimental Test of Behavior. Journal of Economic Behavior and Organization (72), 554-570.
• Vandergrift, D. & Yavas, A. & Brown, P. (2007). Incentive Effects and Overcrowding in Tournaments: An Experimental Analysis. Experimental Economics (10), 345-368.
• Fisher, L. & Yavas, A. (2007). The Value of Equitable Redemption in Commercial Mortgage Contracting. Journal of Real Estate Finance and Economics (35), 411-426.
• Rutherford, R. & Springer, T. & Yavas, A. (2007). Evidence of Information Asymmetries in the Market for Residential Condominiums. Journal of Real Estate Finance and Economics (35), 23-38.
• Posey, L. & Yavas, A. (2007). Screening Equilibria in Experimental Markets. Geneva Risk and Insurance Review (32), 147-167.
• Rutherford, R. & Springer, T. & Yavas, A. (2005). Conflicts between Principals and Agents: Evidence from Residential Brokerage. Journal of Financial Economics (76), 627-665.
• Yavas, A. & Sirmans, C. (2005). Real Options: Experimental Evidence. Journal of Real Estate Finance and Economics (31), 27-52.
• Yavas, A. & Rutherford, R. & Ford, J. (2005). The Effects of the Internet on Marketing Residential Real Estate. Journal of Housing Economics (14), 92-108.
• Yavas, A. (2004). The Color of Credit. Journal of Economic Literature
• Yavas, A. & Harrison, D. & Noordweier, T. (2004). Do Riskier Borrowers Borrow More?. Real Estate Economics (32), 385-411.
• Dokmeci, V. & Onder, Z. & Yavas, A. (2003). External Factors, Housing Values and Rents: Evidence from Survey Data. Journal of Housing Research (14), 83-99.
• Yavas, A. (2002). Endogenous Outside Options in Coordination Games: Experimental Evidence. Journal of Economic Behavior and Organization (47), 221-236.
• Katok, E. & Sefton, M. & Yavas, A. (2002). Implementation by Iterative Dominance and Backward Induction: an Experimental Comparison. Journal of Economic Theory (104), 89-103.
• Yavas, A. (2001). Resolution of Demand Uncertainty and Competitive Rent Adjustment. Journal of Housing Economics (10), 472-481.
• Posey, L. & Yavas, A. (2001). Adjustable and Fixed Rate Mortgages as a Screening Mechanism for Default Risk. Journal of Urban Economics (49), 54-79.
• Yavas, A. & Miceli, T. & Sirmans, C. (2001). An Experimental Analysis of the Impact of Intermediaries on the Outcome of Bargaining Games. Real Estate Economics (29), 61-86.
• Yavas, A. (2001). The Immediacy Service of the Specialist as a Coordination Mechanism. International Review of Economics and Finance (10), 205-221.
• Abrahms, E. & Sefton, M. & Yavas, A. (2001). An Experimental Comparison of Two Search Models. Advances in Experimental Markets
• Munneke, H. & Yavas, A. (2001). Incentives and Performance in Real Estate Brokerage: Theory and Evidence. Journal of Real Estate Finance and Economics (22), 5-21.
• Yavas, A. (2001). Impossibility of a Competitive Equilibrium in Brokerage Industry. Journal of Real Estate Research (21), 187-200.
• Rutherford, R. & Springer, T. & Yavas, A. (2001). The Impacts of Contract Type on Broker Performance. Real Estate Economics (29), 389-409.
• Abrahms, E. & Sefton, M. & Yavas, A. (2000). An Experimental Comparison of Two Search Models. Economic Theory (16), 735-749.
• Yavas, A. & Colwell, P. (1999). Buyer Brokerage: Incentive and Efficiency Implications. Journal of Real Estate Finance and Economics (18), 259-277.
• Yavas, A. (1998). The Effect of Government Size on Economic Development: Does Too Much Government Investment Retard Economic Development of a Country?. Journal of Economic Studies (25), 296-308.
• Yavas, A. (1996). Matching of Buyers and Sellers by Brokers: A Comparison of Alternative Commission Structures. Real Estate Economics (24), 87-112.
• Sefton, M. & Yavas, A. (1996). Threat to Regulate and Coordination Failures: Expiermental Evidence. Journal of Real Estate Finance and Economics (12), 97-115.
• Yavas, A. (1996). Search and Trading in Intermediated Markets. Journal of Economics and Management Strategy (5), 195-216.
• Sefton, M. & Yavas, A. (1996). Abreu-Matsushima Mechanisms: Experimental Evidence. Games and Economic Behavior (16), 280-302.
• Yang, S. & Yavas, A. (1995). Bigger is Not Better: Brokerage and Time on the Market. Journal of Real Estate Research (10), 23-33.
• Sefton, M. & Yavas, A. (1995). The Welfare Effects of a subsidy to Multiple Listing Services. Journal of Real Estate Finance and Economics (11), 85-90.
• Colwell, P. & Yavas, A. (1995). A Comparison of Real Estate Marketing Systems: Theory and Evidence. Journal of Real Estate Research (10), 583-599.
• Posey, L. & Yavas, A. (1995). A Search Model of Marketing Systems in Property-Liability Insurance. Journal of Risk and Insurance (62), 666-689.
• Yavas, A. (1995). Can Brokerage Have an Equilibrium Selection Role. Journal of Urban Economics (37), 17-37.
• Yavas, A. & Yang, S. (1995). The Strategic Role of Listing Price in Marketing Real Estate: Theory and Evidence. Real Estate Economics (23), 347-368.
• Yavas, A. (1995). Seller - Broker Relationship as a Double Moral Hazard Problem. Journal of Housing Economics (4), 244-263.
• Kahn, C. & Yavas, A. (1994). The Economic Role of Foreclosures. Journal of Real Estate Finance and Economics (8), 35-51.
• Colwell, P. & Yavas, A. (1994). Demand for Agricultural Land and Strategic Bidding in Auctions. Journal of Real Estate Finance and Economics (8), 137-149.
• Yavas, A. (1994). Middlemen in Bilateral Search Markets. Journal of Labor Economics (12), 406-429.
• Yavas, A. (1994). Economics of Brokerage: An Overview. Journal of Real Estate Literature (2), 169-195.
• Colwell, P. & Yavas, A. (1993). The Value of Deed Quality. Journal of Real Estate Finance and Economics (7), 143-150.
• Bhattacharya, U. & Yavas, A. (1993). In Search of the Right Middleman. Economic Letters (42), 341-348.
• Yavas, A. (1993). A Simple Model of Bid-Ask Spread Search. Review of Financial Economics
• Colwell, P. & Yavas, A. (1992). The Value of Building Codes. Real Estate Economics (20), 501-517.
• Yavas, A. (1992). Marketmakers versus Matchmakers. Journal of Financial Intermediation (2), 33-58.
• Yavas, A. (1992). A Simple Search and Bargaining Model of Real Estate Markets. Real Estate Economics (20), 533-548.
• Bian, X. & Waller, B. & Yavas, A. Commission Splits in Real Estate Transactions. Journal of Real Estate Finance and Economics (54), 165–187.

Presentations

• AREUEA ( 2014 ) First Cut is the Deepest: On Optimal Acceptance Strategies in Real Estate
• 2013 Wisconsin Real Estate and Economic Outlook Conference ( 2013 )
• VTB Bank Capital Investment Forum: New York ( 2013 ) Monetary policy in EM in new global reality
• American Mathematical Society ( 2013 ) On Optimal Acceptance Policies in Real Estate.
• Hong Kong Monetary Authority ( 2013 ) Asset Price Bubbles and Monetary Policy
• Turkish Capital Markets Board ( 2012 ) Role of Housing in Current Financial Crisis
• Keynote Speaker, 2nd International Conference of Young Scientists; Keynote Speaker ( 2011 ) Bubbles and Monetary Policy
• 26th Meeting of Central Bank Governors' Club ( 2011 ) Bubbles and Monetary Policy
• Panelist, Asian Real Estate Society and American Real Estate and Urban Economics ( 2011 ) Asian Real Estate Society and American Real Estate and Urban Economics
• Institute of Strategic Thinking ( 2011 ) Asset Bubbles and Monetary Policy
• University of Toronto ( 2010 ) Adverse Selection in Mortgage Securitization
• African Econometric Society Meeting ( 2010 ) Adverse Selection in Mortgage Securitization
• Florida State University Research Symposium: The Economics of Information in Real Estate Markets ( 2010 ) Cash Flow Volatility, Prices and Price Volatility: An Experimental Study
• National University of Singapore ( 2010 ) Adverse Selection in Mortgage Securitization
• Rays of Research ( 2010 ) Asset Characteristics and Boom and Bust Periods
• University of South Carolina ( 2010 ) Adverse Selection in Mortgage Securitization

Education

• Bachelor's degree Boğaziçi University
• Doctor of Philosophy - PhD University of Iowa

Companies

• Robert E Wangard Real Estate Chair University of Wisconsin-Madison (2009)
• Visiting Professor The Chinese University of Hong Kong (2019 — 2019)
• Visiting Research Fellow Hong Kong Monetary Authority (HKMA) (2018 — 2018)
• Visiting Research Fellow National University of Singapore (2018 — 2018)
• Visiting Professor of Finance The Hong Kong University of Science and Technology (2017 — 2017)
• Elliott Professor of Business Administration Penn State Smeal College of Business (1992 — 2009)
• Visiting Assistant Professor of Finance University of Michigan - Stephen M. Ross School of Business (1995 — 1995)
• Post-Doctoral Research Associate University of Illinois at Urbana-Champaign (1991 — 1992)