Automobile replacement: a dynamic structural approach

• 成果类型: Article
• 署名作者: Schiraldi, Pasquale
• 署名单位: University of London; London School Economics & Political Science
• 刊物名称: RAND JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0741-6261
• DOI: 10.1111/j.1756-2171.2011.00133.x
• 发表日期: 2011
• 页码: 266-291
• 关键词: stationary equilibrium; oligopoly; PRODUCTS; MARKETS; models

摘要

This article specifies and estimates a structural dynamic model of consumer demand for new and used durable goods. Its primary contribution is to provide an explicit estimation procedure for transaction costs. Identification of transaction costs is achieved from the variation in the share of consumers choosing to hold a given car type each period, and from the share of consumers choosing to purchase the same car type that period. Specifically, I estimate a random-coefficient discrete-choice model that incorporates a dynamic optimal stopping problem. I apply this model to evaluate the impact of scrappage subsidies on the Italian automobile market.