ABDULLAH YAVAS

Elliott Professor of Business Administration
and Research Director of the Institute for Real Estate Studies
Smeal College of Business Administration, 381 Business Building
Pennsylvania State University
University Park, PA 16802
(814) 865-0392
E-Mail: ayavas@psu.edu

Education

Ph.D. (Economics), The University of Iowa, May 1991

B.A., Bogazici University, Istanbul, Turkey, 1985

Academic Positions

Elliott Professor of Business Administration, Smeal College of Business, Penn State University, 2004-Present

Monetary Policy Committee of the Central Bank of the Republic of Turkey, March 2007-

William Elliott Faculty Fellow, Smeal College of Business, Penn State University, 2001-2004

Professor of Business Administration, Smeal College of Business, Pennsylvania State University, 2001-.

Visiting Scholar, University of Hong Kong, Spring 2002.

Visiting Assistant Professor, Department of Finance, School of Business Administration, University of Michigan, Fall 1995

Visiting Associate Professor, School of Economics and Administrative Sciences, Bogazici University, Istanbul, Turkey, Summer 1996

Post-Doctoral Research Associate, College of Commerce and Business Administration, University of Illinois at Urbana-Champaign, August 1991-July 1992

Honors and Awards

Fulbright Fellowship, Spring 2007

Early promotion to associate degree (in 4 years), 1996, Smeal College of Business,
Penn State University

          Winner of the Excellence in Undergraduate Teaching (Fred Brand Jr.) Award,
          Smeal College of Business, Penn State University, 2001

        Nominated for the Excellence in Undergraduate Teaching (Fred Brand Jr.) Award,
          Smeal College of Business, Penn State University, 2003

World's Top 500 Economists list, according to # of articles published, list prepared by
Tom COUPÉ and sponsored by the European Economic Association, 2001.

         Ranked 6th in the list of Top 50 Authors for publications in Base Real Estate Journals
          between 1994-1998,
          "Individuals and Institutions Publishing Research in Real Estate," Dombrow, J.
         and G. K. Turnbull, Journal of Real Estate Literature, 2002, Vol. 10, pp. 45-92.

2005 Fellow of Weimer School of Advanced Studies in Real Estate and Land Economics,

1996 Weimer School of Advanced Studies in Real Estate and Urban Economics post-doctoral award winner

Winner of the 1995 American Real Estate Society best manuscript prize for the paper entitled "A Comparison of Real Estate Marketing Systems: Theory and Evidence" (with Peter Colwell)

2004 Outstanding Editorial Board Member, Real Estate Economics.

University of Iowa Ponder Fellowship, 1988 and 1989

University of Iowa Council on Teaching, Outstanding Teaching Assistant Award, 1990

University of Iowa, Department of Economics Best Teaching Assistant Award, 1990

Bogazici University Top Student Honor (highest GPA, Class of 1985)

Research Contracts

Smeal Research Grants Program, Smeal College of Business, PSU, April 2008, "The Efficiency of Stock-Based Incentives: Experimental Evidence" (with Steve Huddart)

TUBITAK (The Scientific and Technological Research Council of Turkey), September 2007, ““The Impact of Mortgage Credit on Housing Markets” (with Zeynep Onder and Feyzullah Yetgin)

TUBITAK (The Scientific and Technological Research Council of Turkey), August 2007, “Time-Inconsistency: A Theoretical and Experimental Investigation” (with Zafer Akin)

Real Estate Research Institute, Hartford, CT, April 2007, “Adverse Selection in Commercial Mortgage Markets: Theory and Evidence" (with Brent Ambrose and Anthony Sanders)

Real Estate Research Institute, Hartford, CT, April 2006, “Price Discovery in Real Estate Markets: A Dynamic Analysis of the REIT Premium” (with Yildiray Yildirim)

Smeal Research Grants Program, Smeal College of Business, PSU, April 2006, "The Efficiency of Stock-Based Incentives: Experimental Evidence" (with Steve Huddart)

Real Estate Research Institute, Hartford, CT, April 2004, “Do UPREITs Suffer Tax-Timing Conflict of Interest?” (with Fred Wu)

The Smeal Research Grants Program, Smeal College of Business, PSU, March 2003, "Agency Problems under Percentage Commission System: Theory and Evidence"

The Smeal Research Grants Program, Smeal College of Business, PSU, March 2002, "Timing of Investment Under Uncertainty: Experimental Evidence"

National Science Foundation, Washington, DC, May 2001, “Labor Market Compensation and Economic Behavior: An Experimental Examination of Team Production and Tournaments” (with Donald Vandegrift and Paul Brown)

The Smeal Research Grants Program, Smeal College of Business, PSU, March 2001, “Search Costs, Transaction Costs and the Profitability of Online Commerce” (with Lisa Posey)

Real Estate Research Institute, Bloomington, IN, May 2000, "Real Options: Experimental Evidence"

Charles S. Krumrine Endowment for Excellence in Business Administration, April 2000, "Experimental Investigation of the Basics of Real Options," Penn State University.

Uni-Marts Endowment, "Iterated Dominance with Rational Players: Experimental Evidence" Penn State University, January 1999 (with Martin Sefton).

Center for Real Estate and Urban Economic Studies, University of Connecticut, 1995, "An Experimental Analysis of the Impact of Intermediaries on the Outcome of Bargaining Games" (with Thomas Miceli and C. F. Sirmans)

The Faculty Projects Fund, Smeal College of Business, PSU, December 1995, "An Experimental Comparison of Two Search Models" (with Eric Abrams and Martin Sefton)

The Faculty Projects Fund, Smeal College of Business, PSU, April 1995, "Homebuying Behavior" (with Ken Lusht)

The Faculty Projects Fund, Smeal College of Business, PSU, March 1995, "An Experimental Test of the Separating vs. Pooling Equilibrium" (with Lisa Posey)

Center for Research in Conflict and Negotiation, PSU, February 1994, "Resolving Coordination Failures Using Abreu-Matsushima Mechanisms: Experimental Evidence"

The Faculty Projects Fund, Smeal College of Business, PSU, February 1994, "Two-Sided Outside Option As a Coordination Mechanism: Experimental Evidence"

Institute for Real Estate Studies, PSU, September 1993, "Abreu-Matsushima Mechanisms: Experimental Evidence"

The Faculty Projects Fund, Smeal College of Business, PSU, April 1993, "Experimental Analysis of Intermediaries in Search Markets"

Publications

51. "An Experimental Test of Sabotage in Tournaments" ((with Donald Vandegrift )
Journal of Institutional and Theoretical Economics, forthcoming.

50. "Men, Women, and Competition: An Experimental Test of Behavior" (with Donald Vandegrift )
Journal of Economic Behavior and Organization, forthcoming.

49. "Price Discovery in Real Estate Markets: A Dynamic Analysis" (with Yildiray Yildirim)
Journal of Real Estate Finance and Economics, forthcoming.

48. "Do Borrowers Make Rational Choices on Points and Refinancing?" (with Yan Chang)
Real Estate Economics, forthcoming.

47. "Case for Percentage Commission Contracts: The Impact of a "Race" Among Agents" (with Lynn Fisher)
Journal of Real Estate Finance and Economics, forthcoming.

46. "Evidence of Information Asymmetries in the Market for Residential Condominiums" (with Ron C. Rotherford and Tom M. Springer)
Journal of Real Estate Finance and Economics, 2007, 35, 23-38.

45. "Special Issue Introduction: Real Estate Brokerage"
Journal of Real Estate Finance and Economics, 2007, 35, 1-5.

44. "Screening Equilibria in Experimental Markets" (with Lisa Posey)
Geneva Risk and Insurance Review, 2007. 32: 147-167.

43. "The Value of Equitable Redemption in Commercial Mortgage Contracting" (with Lynn Fisher)
Journal of Real Estate Finance and Economics, 2007, 35: 411-426.

42. "Incentive Effects and Overcrowding in Tournaments: An Experimental Analysis" (with Donald Vandegrift and Paul M. Brown)
Experimental Economics, 2007, 10: 345-368.

41. "Mobility and Optimal Tenure Choice" (with Z. Onder and S. Ozyildirim)
Journal of Housing Economics, 2005, 14, 336-354.

40. “The Effects of the Internet on MarketingResidential Real Estate” (with Ron C. Rotherford and James Scott Ford)
Journal of Housing Economics, 2005, 14, 92-108.

39. "Conflicts between Principals and Agents: Evidence from Residential Brokerage" (with Ron C. Rotherford and Tom M. Springer)
Journal of Financial Economics, 2005, 76, 627-665.

38. "Real Options: Experimental Evidence" (with C.F. Sirmans)
Journal of Real Estate Finance and Economics, 2005, 31, 27-52.
Was listed on SSRN's Top Ten download list for "Experimental Finance (Topic) All Time Hits"

37. "Do Riskier Borrowers Borrow More?" (with David M. Harrison and Thomas G. Noordewier)
Real Estate Economics, 2004, 32, 385-411..

36. "The Impacts of Contract Type on Broker Performance: Submarket Effects" (with Ron C. Rotherford and Tom M. Springer)
Journal of Real Estate Research, 2004, 26, 277-298.

35. "External Factors, Housing Values and Rents: Evidence from Survey Data" (with Vedia Dokmeci and Zeynep Onder)
Journal of Housing Research, 2003, 14, 83-99.

34. "Implementation by Iterative Dominance and Backward Induction: An Experimental Comparison" (with Elena Katok and Martin Sefton)
Journal of Economic Theory, 2002, 104, 89-103.

33. "Endogenous Outside Options in Coordination Games: Experimental Evidence"
Journal of Economic Behavior and Organization, 2002, 47, 221-236.

32. "An Experimental Comparison of Two Search Models" (with Eric Abrams and Martin Sefton),
Reprinted in Advances in Experimental Markets, Ed. by T. Cason and C. Noussair, Springer-Verlag, Berlin, 2001.

31. "Resolution of Demand Uncertainty and Competitive Rent Adjustment”
Journal of Housing Economics, 2001, 10, 472-481.

30. "The Impacts of Contract Type on Broker Performance" (with Ron C. Rotherford and Tom M. Springer)
Real Estate Economics, 2001, 29, 389-409.

29. "An Experimental Analysis of the Impact of Intermediaries on the Outcome of Bargaining Games" (with Thomas Miceli and C. F. Sirmans)
Real Estate Economics, 2001, 29, 61-86.

28. "Incentives and Performance in Real Estate Brokerage: Theory and Evidence" (with Henry Munneke)
Journal of Real Estate Finance and Economics, 2001, 22, 5-21.

27. “Impossibility of a Competitive Equilibrium in Brokerage Industry”
Journal of Real Estate Research, 2001, 21, 187-200.

26. "The Immediacy Service of the Specialist as a Coordination Mechanism"
International Review of Economics & Finance, 2001, 10, 205-221.

25. "Adjustable and Fixed Rate Mortgages as a Screening Mechanism for Default Risk" (with Lisa Posey),
Journal of Urban Economics, 2001, 49, 54-79.

24. "An Experimental Comparison of Two Search Models" (with Eric Abrams and Martin Sefton),
Economic Theory, 2000, 16: 735-749.

23. "Buyer Brokerage: Incentive and Efficiency Implications" (with Peter Colwell),
Journal of Real Estate Finance and Economics, 1999, 18: 259-277.

22. "The Effect of Government Size on Economic Development: Does too Much Government Investment Retard Economic Development of a Country?"
Journal of Economic Studies, 1998, 25: 296-308.

21. "Abreu-Matsushima Mechanisms: Experimental Evidence" (with Martin Sefton),
Games and Economic Behavior, 1996, 16: 280-302.

20. "Search and Trading in Intermediated Markets"
Journal of Economics and Management Strategy, 1996, 5: 195-216.

19. "Matching of Buyers and Sellers by Brokers: A Comparison of Alternative Commission Structures"
Real Estate Economics, 1996, 24: 97-112.

18. "Threat to Regulate and Coordination Failures: Experimental Evidence" (with Martin Sefton),
Journal of Real Estate Finance and Economics, 1996, 12: 97-115.

17. "A Comparison of Real Estate Marketing Systems: Theory and Evidence" (with Peter Colwell),
Journal of Real Estate Research, 1995, 10: 583-599.

16. "A Search Model of Marketing Systems in Property-Liability Insurance" (with Lisa Posey),
Journal of Risk and Insurance, 1995, 62: 666-689.

15. "Seller-Broker Relationship as a Double Moral Hazard Problem"
Journal of Housing Economics, 1995, 4: 244-263.

14. "The Strategic Role of Listing Price in Marketing Real Estate: Theory and Evidence" (with Shiawee Yang),
Real Estate Economics, 1995, 23: 347-268.

13. "The Welfare Effects of a Subsidy to Multiple Listing Services" (with Martin Sefton),
Journal of Real Estate Finance and Economics, 1995, 11: 85-90.

12. "Bigger is not Better: Brokerage and Time on the Market" (with Shiawee Yang)
Journal of Real Estate Research, 1995, 10: 23-33.

11. "Can Brokerage Have an Equilibrium Selection Role?"
Journal of Urban Economics, 1995, 37: 17-37.

10. "Economics of Brokerage: An Overview"
Journal of Real Estate Literature, July 1994, 2: 169-195.

9. "Middlemen in Bilateral Search Markets"
Journal of Labor Economics, July 1994, 12: 406-429.

8. "Demand for Agricultural Land and Strategic Bidding in Auctions" (with Peter Colwell)
Journal of Real Estate Finance and Economics, June 1994, 8: 137-149.

7. "The Economic Role of Foreclosures" (with Charles Kahn)
Journal of Real Estate Finance and Economics, March 1994, 8: 35-51.

6. "The Value of Deed Quality" (with Peter Colwell)
Journal of Real Estate Finance and Economics, September 1993, 7: 143-150.

5. "A Simple Model of Bid-Ask Spread and Search"
Review of Financial Economics, Spring 1993, 2: 73-84.

4. "In Search of the Right Middleman" (with Utpal Bhattacharya)
Economics Letters, 1993, 42: 341-348.

3. "The Value of Building Codes" (with Peter Colwell)
American Real Estate and Urban Economics Association Journal (now Real Estate Economics), Winter 1992, 20: 501-517.

2. "A Simple Search and Bargaining Model of Real Estate Markets"
American Real Estate and Urban Economics Association Journal (now Real Estate Economics), Winter 1992, 20: 533-548.

1. "Marketmakers versus Matchmakers"
Journal of Financial Intermediation, March 1992, 2: 33-58.

Non-Refereed Publications

Book Review of The Color of Credit by Stephen L. Ross and John Yinger, Journal of Economic Literature, forthcoming, March 2004.

Book Review of Market Microstructure: Intermediaries and the Theory of the Firm by Daniel F. Spulber, Journal of Economic Literature, March 2002, Vol. XL, 166-168.

“How Real Estae Brokers Affect the Outcome of Negotiations Between Buyers and Sellers,” (with T.J. Miceli and C.F. Sirmans)
Illinois Real Estate Letter, Winter/Spring 2001, 1-4.

Academic Activities/Services

Research Director of the Institute for Real Estate Studies, Penn State University, 1999-.

Graduate Advisor for PhD and MS students in Real Estate, Penn State University, 2001-.

Guest Editor, Special issue of The Journal of Real Estate Finance and Economics on Brokerage, 2006

Member of the editorial board, Real Estate Economics, 2000-present

Member of the editorial board, The Journal of Real Estate Finance and Economics, 1996-present

Member of the editorial board, Journal of Housing Economics, 2002-present

Member of the editorial board, Journal of Real Estate Research, 1999-present

Member of the editorial board, Open Urban Studies Journal, 2007-present

Member of the editorial board, Eurasian Journal of Business and Economics, 2007-present.

Member of the editorial board, The Journal of Economic and Social Research, 1999-present

Member of the editorial board, Mathematical and Computational Applications, 2001-present

Member of the editorial board, Silk Road, 2005-present

Member of the "Board of Science" of the International Black Sea University, Tbilisi, Republic of Georgia, 1999-present

Referee for The American Economic Review, Journal of Economic Theory, International Economic Review, International Journal of Industrial Organization, Journal of Risk and Insurance, Journal of Urban Economics, American Real Estate and Urban Economics Association Journal (now Real Estate Economics), The Journal of Real Estate Finance and Economics, The Journal of Housing Economics, Urban Studies, Group Decision and Negotiation, The Quarterly Review of Economics and Finance, Journal of Economic Behavior and Organization, Research in Labor Economics, Journal of Real Estate Research, Journal of Real Estate Literature, Financial Services Review, The Journal of Financial Research, European Journal of Political Economy, Economic Theory, Current Anthropology, Management Science, Journal of Economics and Management Strategy, Economica.

Media Coverage: Research results were cited in such media outlets as Money, Time, Business Week, The Wall Street Journal, The Philadelphia Inquirer, Boston Globe, Los Angeles Daily News, Chicago Sun-Times, Baltimore Sun, Pittsburgh Post-Gazette, TheStreet.com, Wireless Radio Network, MSN Money, TheMotleyFool.com, Seattle Times, Philadelphia Daily News, Inman News, Bankrate.com and various Turkish media outlets, including Hurriyet, Milliyet, Sabah, Ekonomist and CNBC TV channel.
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