Chad Syverson

It ends up there's so many, the slice that any average person gets is really tiny. But I think that's one way to think about it is just a ton of money, super easy to get into. How easy is it? Here's Sonya Gilbook.

It ends up there's so many, the slice that any average person gets is really tiny. But I think that's one way to think about it is just a ton of money, super easy to get into. How easy is it? Here's Sonya Gilbook.

It ends up there's so many, the slice that any average person gets is really tiny. But I think that's one way to think about it is just a ton of money, super easy to get into. How easy is it? Here's Sonya Gilbook.

Additional information has radically changed a lot of industries. Going back a few decades, travel agency lost 60% of its revenue when people figured out they could buy airline tickets themselves online. And airlines figured out flyers were happy to do that. Basically, one of two things happened. Either... The industry does totally restructure itself.

Additional information has radically changed a lot of industries. Going back a few decades, travel agency lost 60% of its revenue when people figured out they could buy airline tickets themselves online. And airlines figured out flyers were happy to do that. Basically, one of two things happened. Either... The industry does totally restructure itself.

Additional information has radically changed a lot of industries. Going back a few decades, travel agency lost 60% of its revenue when people figured out they could buy airline tickets themselves online. And airlines figured out flyers were happy to do that. Basically, one of two things happened. Either... The industry does totally restructure itself.

That's kind of what happened with travel agency. Or it's a little bit of a squeezing the balloon thing like car sales where they've moved some of the obfuscation, for lack of a better word, to other parts of the transaction. Or they just try to make profit on other dimensions now through repair deals or whatever. So that tends to be how a lot of industries have responded.

That's kind of what happened with travel agency. Or it's a little bit of a squeezing the balloon thing like car sales where they've moved some of the obfuscation, for lack of a better word, to other parts of the transaction. Or they just try to make profit on other dimensions now through repair deals or whatever. So that tends to be how a lot of industries have responded.

That's kind of what happened with travel agency. Or it's a little bit of a squeezing the balloon thing like car sales where they've moved some of the obfuscation, for lack of a better word, to other parts of the transaction. Or they just try to make profit on other dimensions now through repair deals or whatever. So that tends to be how a lot of industries have responded.

Residential real estate has changed less, and I think it's because you have this two-sidedness of the deal. So it's not just one agent decides to do things differently and things start falling apart. If one starts doing things differently, the other one can say, oh, no, you don't, and here's what's going to happen if you do.

Residential real estate has changed less, and I think it's because you have this two-sidedness of the deal. So it's not just one agent decides to do things differently and things start falling apart. If one starts doing things differently, the other one can say, oh, no, you don't, and here's what's going to happen if you do.

Residential real estate has changed less, and I think it's because you have this two-sidedness of the deal. So it's not just one agent decides to do things differently and things start falling apart. If one starts doing things differently, the other one can say, oh, no, you don't, and here's what's going to happen if you do.

There's explicit collusion. the smoke-filled rooms where parties in an industry get together and say, hey, let's make a plan so we can monopolize this thing and make more money. I don't think there's ever been evidence of this happening widespread in real estate.

There's explicit collusion. the smoke-filled rooms where parties in an industry get together and say, hey, let's make a plan so we can monopolize this thing and make more money. I don't think there's ever been evidence of this happening widespread in real estate.

There's explicit collusion. the smoke-filled rooms where parties in an industry get together and say, hey, let's make a plan so we can monopolize this thing and make more money. I don't think there's ever been evidence of this happening widespread in real estate.

The kind of collusion that Steve and I talked about in the paper is what an economist might call tacit collusion, which is there's never an explicit agreement and no one's signed contracts of this form, which would be completely illegal. But there is a sense of, okay, we kind of all know how this thing works, wink, wink, and this thing works well for us. And if we just...

The kind of collusion that Steve and I talked about in the paper is what an economist might call tacit collusion, which is there's never an explicit agreement and no one's signed contracts of this form, which would be completely illegal. But there is a sense of, okay, we kind of all know how this thing works, wink, wink, and this thing works well for us. And if we just...

The kind of collusion that Steve and I talked about in the paper is what an economist might call tacit collusion, which is there's never an explicit agreement and no one's signed contracts of this form, which would be completely illegal. But there is a sense of, okay, we kind of all know how this thing works, wink, wink, and this thing works well for us. And if we just...

Don't rock the boat too hard. We can keep it together.

Don't rock the boat too hard. We can keep it together.