Wisconsin School of Business

Abdullah Yavas

Department Chair of Real Estate

Professor - Real Estate & Urban Land Economics
Robert E. Wangard Real Estate Chair

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, economics of information, and experimental economics. He also uses laboratory experiments to advance understanding of market players’ deviations from the predictions generated by rational models.

Yavas has authored or co-authored more than 50 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.

He was ranked 6th on the list of Top 50 Authors for publications in Base Real Estate Journals between 1994-1998 by the Journal of Real Estate Literature. Yavas serves on the Monetary Policy Committee of the Central Bank of the Republic of Turkey.

He earned his Ph.D. in economics from the University of Iowa.
 

Selected Published Journal Articles

Ikramov , N., & Yavas, A. (2012). Asset Characteristics and Boom and Bust Periods: An Experimental Study. Real Estate Economics (40), 508-535.
Bian, X., & Yavas, A. (2012). Prepayment Penalty as a Screening Mechanism for Default and Prepayment Risks . Real Estate Economics
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.
Rutherford, R., Springer, T., & Yavas, A. (2005). Conflicts between Principals and Agents: Evidence from Residential Brokerage. Journal of Financial Economics (76), 627-665.
Dokmeci, V., Onder, Z., & Yavas, A. (2003). External Factors, Housing Values and Rents: Evidence from Survey Data. Journal of Housing Research (14), 83-99.
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. (2002). Endogenous Outside Options in Coordination Games: Experimental Evidence. Journal of Economic Behavior and Organization (47), 221-236.
Yavas, A. (2001). Resolution of Demand Uncertainty and Competitive Rent Adjustment. Journal of Housing Economics (10), 472-481.
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.
Rutherford, R., Springer, T., & Yavas, A. (2001). The Impacts of Contract Type on Broker Performance. Real Estate Economics (29), 389-409.
Yavas, A. (2001). The Immediacy Service of the Specialist as a Coordination Mechanism. International Review of Economics and Finance (10), 205-221.
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.
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. (2001). Impossibility of a Competitive Equilibrium in Brokerage Industry. Journal of Real Estate Research (21), 187-200.
Abrahms, E., Sefton, M., & Yavas, A. (2001). An Experimental Comparison of Two Search Models. Advances in Experimental Markets
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). Search and Trading in Intermediated Markets. Journal of Economics and Management Strategy (5), 195-216.
Sefton, M., & Yavas, A. (1996). Threat to Regulate and Coordination Failures: Expiermental Evidence. Journal of Real Estate Finance and Economics (12), 97-115.
Sefton, M., & Yavas, A. (1996). Abreu-Matsushima Mechanisms: Experimental Evidence. Games and Economic Behavior (16), 280-302.
Yavas, A. (1996). Matching of Buyers and Sellers by Brokers: A Comparison of Alternative Commission Structures. Real Estate Economics (24), 87-112.
Yavas, A. (1995). Seller - Broker Relationship as a Double Moral Hazard Problem. Journal of Housing Economics (4), 244-263.
Yavas, A., & Yang, S. (1995). The Strategic Role of Listing Price in Marketing Real Estate: Theory and Evidence. Real Estate Economics (23), 347-368.
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.
Yavas, A. (1995). Can Brokerage Have an Equilibrium Selection Role. Journal of Urban Economics (37), 17-37.
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.
Yang, S., & Yavas, A. (1995). Bigger is Not Better: Brokerage and Time on the Market. Journal of Real Estate Research (10), 23-33.
Yavas, A. (1994). Middlemen in Bilateral Search Markets. Journal of Labor Economics (12), 406-429.
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). 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.
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.

Submitted Working Papers

Yavas, A., Anbrose, B., & Sanders, A. Servicers and Mortgage-Backed Securities Default: Theory and Evidence.
Yavas, A., Chow , Y., & Hafalir , I. Auction Versus Negotiated Sale: Evidence from Real Estate Sales.

Presentations

Hong Kong Monetary Authority
Asset Price Bubbles and Monetary Policy

2nd International Conference of Young Scientists; Keynote Speaker
Bubbles and Monetary Policy

26th Meeting of Central Bank Governors' Club
Bubbles and Monetary Policy

University of Toronto
Adverse Selection in Mortgage Securitization

African Econometric Society Meeting
Adverse Selection in Mortgage Lending

Florida State University Research Symposium: The Economics of Information in Real Estate Markets
Cash Flow Volatility, Prices and Price Volatility: An Experimental Study

University of South Carolina
Adverse Selection in Mortgage Lending

Rays of Research
Asset Characteristics and Boom and Bust Periods

Turkish American Cultural Association of Madison
Monetary Policy and Financial Crisis

Turkish Capital Markets Board
Role of Housing in Current Financial Crisis

Professional Organizations

RERI Advisory Board

Member of Board of Directors, American Real Estate and Urban Economics Association


Editorial and Reviewing Activities

Borsa Istanbul Review - Since November 2012
Editorial Board Member

Real Estate Finance - Since August 2012
Editorial Board Member

Central Bank Review - Since January 2010
Associate Editor

Special issue of The Journal of Real Estate Finance and Economics on Brokerage - January 2006 - December 2006
Special Issue Editor

Journal of Housing Economics - Since January 2002
Editorial Board Member

Mathematical and Computational Applications - Since January 2001
Editorial Board Member

Real Estate Economics - Since January 2000
Editorial Board Member

Journal of Real Estate Research - Since January 1999
Editorial Board Member

The Journal of Real Estate Finance and Economics - Since January 1996
Editorial Board Member

Photograph of Abdullah Yavas

Abdullah Yavas

Department Chair of Real Estate
 
Professor | Real Estate & Urban Land Economics
Robert E. Wangard Real Estate Chair
(608) 263-7651
5251 Grainger Hall