本文從搜尋理論的觀點來研究訂價與成交價和銷售期的關係。我們從賣方決定訂價之後，買方會依據訂價要求折扣率，而賣方也會決定一願意給買方的最小折扣率的角度出發，來建構房屋搜尋模型。由理論得知，賣方折扣率底線愈大，則預期銷售期間愈長；銷售期間愈長，則預期賣方折扣率底線愈低；搜尋成本愈大，則預期賣方折扣率底線愈小；買方要求折扣率分配的平均數愈大，則預期賣方折扣率底線愈大。在實證研究上，利用信義房屋仲介公司所提供的資料（1990-1993）以銷售期間和訂價相對於成交供的比例為應變數，採用聯立方程式的方式來估計分析：第一、訂價與成交價比例愈大，顯現賣方折扣率底線過大，則銷售期間愈長；第二、銷售期間愈長，則賣方折扣率底線愈小，顯現訂價與成交價的比例愈大，亦即驗證銷售期問是否具有正的時間相依性；第三、委託期間愈長，則銷售期間愈長；第四、空屋相較於租賃房屋和自用房屋，其機會成本較大，所以空屋的折扣率底線較小，顯現訂價與成交價比例較大。實證結果發現上述幾項論點皆獲得驗證與支持。

　　　　　This paper employs search theory to study the relationships between the list price, the transaction price, and marketing duration in the Taiwan's real estate market. Theoretically, a buyer uses a set of criteria together with the listing price to develop an offer which is based on a (guest) minimum discount rate guideline form the listing price to determine a price that will be acceptable to the seller. We attempt to describe the impact of pricing strategies (seller's minimum discount rate) and marketing duration by incorporating a minimum discount rate in a search model. The derived search model indicates the presence of a positive relationship between the minimum discount rate and marketing duration; an inverse relationship between marketing duration and the minimum discount rate; an inverse relationship between searching costs and the minimum discount rate; and a positive relationship between the buyer's average discount rate of the distribution function and the minimum discount rate. The study uses data collected during 1990-1993 and provided by Hsin Yi Realty Co., with the dependent variables being the marketing duration and the ratio of the listing price to the transaction price. A simultaneous equation is developed and used to analyze the following hypotheses: first, the higher the ratio the listing price is against the transaction price, the longer it takes to reach the marketing duration; secondly, the longer it takes to reach the marketing duration, the higher the ratio of the listing price is against the transaction price; thirdly, the longer the period of consignment, the longer it takes to reach the marketing duration; and lastly, if the seller is not in a hurry to sell, then the marketing duration becomes longer. Our empirical findings verify and support all the above started hypotheses.