Durable Goods Theory for Real World Markets

نویسندگان

چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Competitive search markets for durable goods

This paper considers a dynamic version of Akerlof’s (1970) lemons problem where buyers and sellers must engage in search to find a trading partner. We show that if goods are durable, the market itself may provide a natural sorting mechanism. In equilibrium, high-quality goods sell at a higher price than lowquality goods but also circulate longer. This accords with the common wisdom that sellers...

متن کامل

Real Estate Cycles: A Theory Based on Stock-Flow Structure of Durable Goods Markets

In this paper by means of a simple system dynamics model, we have addressed a cycle-producing mechanism in the owner-occupied real estate market which has not been discussed in the real estate economics literature before. This mechanism is based on accumulation of supply and demand which arises from specific stock-flow structure of a durable goods market like the owner-occupied market. Comparis...

متن کامل

Buying frenzies in durable-goods markets

We explain why a durable-goods monopolist would like to create a shortage during the launch phase of a new product. We argue that this incentive arises from the presence of a second-hand market and uncertainty about consumers' willingness to pay for the good. Consumers are heterogeneous and initially uninformed about their valuations but learn about them over time. Given demand uncertainty, fir...

متن کامل

Durable Goods Cpmpetition in Secondary Electronic Markets

We develop a game-theoretic framework to investigate the competitive implications of consumer-to-consumer electronic marketplaces, which promote concurrent selling of new and used goods. In many e-marketplaces, where suppliers cannot directly use second-hand goods for practicing inter-temporal price discrimination, the threat of cannibalization of new goods by used goods become significant. We ...

متن کامل

Consumption Smoothing without Secondary Markets for Small Durable Goods

The purpose of this paper is to study whether trade frictions in durable goods markets help account for the patterns of household consumption expenditures observed in the Consumer Expenditure Survey (CEX), namely that the response of durable goods expenditures to income shocks is 78 percent larger than that of nondurable goods and the variance of the idiosyncratic part of log durable goods expe...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Journal of Economic Perspectives

سال: 2003

ISSN: 0895-3309

DOI: 10.1257/089533003321164985