| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26281 |
| 来源ID | Working Paper 26281 |
| Durables and Lemons: Private Information and the Market for Cars | |
| Richard Blundell; Ran Gu; Søren Leth-Petersen; Hamish Low; Costas Meghir | |
| 发表日期 | 2019-09-16 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We specify an equilibrium model of car ownership with private information where individuals sell and purchase new and second-hand cars over their life-cycle. This private information introduces a transaction cost, distorts the market and reduces the value of a car as a savings instrument. We estimate the model using Danish linked registry data on car ownership, income and wealth. The transaction cost, which we term the lemons penalty, is estimated to be 18% of the price in the first year of ownership, declining with the length of ownership. It leads to large reductions in the turnover of cars and in the probability of downgrading in the event of an adverse income shock. The size of the lemons penalty declines when uncertainty in the economy increases, as in recessions: large income shocks induce individuals to sell their cars, even if of good quality, and this reduces the lemons problem. |
| 主题 | Microeconomics ; Households and Firms ; Market Structure and Distribution ; Macroeconomics ; Consumption and Investment |
| URL | https://www.nber.org/papers/w26281 |
| 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/583954 |
| 推荐引用方式 GB/T 7714 | Richard Blundell,Ran Gu,Søren Leth-Petersen,et al. Durables and Lemons: Private Information and the Market for Cars. 2019. |
| 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 | ||
| w26281.pdf（776KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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