Espen Moen, Plamen Nenov, and Florian Sniekers were awarded the ESB Award 2015 for their article 'Eerst kopen of eerst verkopen op de woningmarkt'.
The article shows that moving owner-occupiers should buy first whenever there are many buyers in the market, and should sell first whenever there are many sellers in the market. However, when households buy first, they tend to crowd the buyers' side of the market, and when they sell first, they crowd the sellers' side. As a result, multiple equilibria exist, and self-fulfilling fluctuations between these steady states are quantitatively relevant. The jury praised the intuitiveness as well as the depth of these results. The award ceremony took place at the Netherlands Economists Day at De Nederlandsche Bank on 6 November.