Trade in Used Equipment with Heterogeneous Firms
研究二手设备市场中企业的贸易模式，通过建模折旧为机器老化导致的停机时间增加，推导出比较优势指标，并用卡车购买数据说明企业特征如何影响新旧设备选择。
This paper examines the pattern of trade in used asset markets where firms have differing factor prices and utilization rates of capital goods. Depreciation is modeled as an increase in down time as machines age, and a measure of comparative advantage is derived that will explain the pattern of trade when there are two types of firms. It is shown that with heterogeneous firms, the price of used machines will reflect the characteristics of firms as well as the productivity of used machines, and the implications of this result for the study of depreciation are discussed. Finally, the relationship between firm characteristics and choice between purchasing new and used truck tractors is presented as an illustration of the predictions of the model.