$1,000 Cash Back: The Pass-Through of Auto Manufacturer Promotions
比较汽车制造商两种现金激励（客户返现与经销商折扣）的传导率，发现客户返现的70-90%最终归客户，而经销商折扣仅30-40%，差额约500美元，原因在于信息不对称。
Automobile manufacturers frequently use promotions involving cash incentives. While payments are nominally directed to either customers or dealers, the ultimate beneficiary of the promotion depends on the outcome of price negotiation. We use program evaluation methods to compare the incidence of these two types of promotions. Customers obtain 70 to 90 percent of a customer rebate, but only 30 to 40 percent of a dealer discount promotion, a $500 difference for a typical promotion. Our leading hypothesis is that pass-through rates differ because of information asymmetries: customer rebates are well-publicized to customers, while dealer discount promotions are not.