When Do Secondary Markets Harm Firms?

被引：69

作者：

Chen, Jiawei ^{[1
]}

Esteban, Susanna ^{[2
,3
]}

Shum, Matthew ^{[4
]}

机构：

[1] Univ Calif Irvine, Irvine, CA 92697 USA

[2] Univ Autonoma Barcelona, Bellaterra 08193, Spain

[3] UAB, Barcelona GSE, Bellaterra 08193, Spain

[4] CALTECH, Pasadena, CA 91125 USA

来源：

AMERICAN ECONOMIC REVIEW | 2013年 / 103卷 / 07期

关键词：

STATIONARY EQUILIBRIUM; PRICE-DISCRIMINATION; CONSUMERS; DURABLES; DURABILITY; OLIGOPOLY; BEHAVIOR; DEMAND; LEMONS; MODEL;

D O I：

10.1257/aer.103.7.2911

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

To investigate whether secondary markets aid or harm durable goods manufacturers, we build a dynamic model of durable goods oligopoly with transaction costs in the secondary market. Calibrating model parameters using data from the US automobile industry, we find the net effect of opening the secondary market is to decrease new car manufacturers' profits by 35 percent. Counterfactual scenarios in which the size of the used good stock decreases, such as when products become less durable, when the number of firms decreases, or when firms can commit to future production levels, increase the profitability of opening the secondary market.

引用

页码：2911 / 2934

页数：24

共 58 条

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