Durable-goods oligopoly with secondary markets: the case of automobiles

• 成果类型: Article
• 署名作者: Esteban, Susanna; Shum, Matthew
• 署名单位: Universidad Carlos III de Madrid; Johns Hopkins University
• 刊物名称: RAND JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0741-6261
• DOI: 10.1111/j.1756-2171.2007.tb00071.x
• 发表日期: 2007
• 页码: 332-354
• 关键词: stationary equilibrium; MODEL; monopoly; BEHAVIOR; lemons; stocks

摘要

We study the effects of durability and secondary markets on equilibrium firm behavior in the car market. We construct a dynamic oligopoly model of a differentiated product market to incorporate the equilibrium production dynamics that arise from the durability of the goods and their active trade in secondary markets. We derive an econometric model and estimate its parameters using data from the automobile industry over a 20-year period. Our estimates are used to provide a measure of the competitive importance of the secondary market.