Equilibrium in a durable goods market with lumpy adjustment

• 成果类型: Article
• 署名作者: Caplin, Andrew; Leahy, John
• 署名单位: New York University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2004.12.005
• 发表日期: 2006
• 页码: 187-213
• 关键词: Durable goods; S; s policies; equilibrium

摘要

Durable goods are an important component of the business cycle. Equilibrium models of durable goods markets are made difficult by the lumpy nature of individual purchases. We show that a straightforward approximation of the distribution of durable goods holdings gives rise to a tractable equilibrium model. We analyze the case of competition as well as that of a monopoly producer. (c) 2005 Elsevier Inc. All rights reserved.