| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7149 |
| 来源ID | Working Paper 7149 |
| Patterns of Trade in the Market for Used Durables: Theory and Evidence | |
| Robert H. Porter; Peter Sattler | |
| 发表日期 | 1999-05-01 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | The consumption value of a durable good diminishes as it ages due to physical deterioration and consumers' preference for the new. We develop a model of consumer specialization and trade in the market for used durables based on imperfect substitutability. Imperfect substitutability across vintages is reflected in a declining market price over time. Heterogeneous consumers maximize utility by specializing in durables of differing ages. Consumers must trade to acquire their preferred vintage each period. When there are transaction costs in the secondhand market, the volume of trade due to specialization increases with imperfect substitutability. We examine the determinants of vehicle ownership transfers in Illinois, a measure of trade volume. Observed patterns of trade across automobile model years are consistent with our model, and inconsistent with a model of adverse selection. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Industrial Organization ; Industry Studies |
| URL | https://www.nber.org/papers/w7149 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564677 |
| 推荐引用方式 GB/T 7714 | Robert H. Porter,Peter Sattler. Patterns of Trade in the Market for Used Durables: Theory and Evidence. 1999. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7149.pdf（208KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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