A Theory of Economic Obsolescence
研究了技术创新导致耐用消费品经济过时（而非物理过时）时，垄断企业如何对消费者进行两维度价格歧视，并分析了均衡结果与创新投资不足的可能性。
A new generation of durable goods makes an old generation economically, even if not physically, obsolete. Economic obsolescence due to technological innovation requires the durable goods monopolist to implement price discrimination in two dimensions, both between consumers with different valuations and between consumers with different purchase histories. Equilibrium in the game between the durable goods monopolist and consumers depends on the extent of economic obsolescence and the relative sizes of the consumer groups. Underinvestment in innovation may take place. This contrasts with the standard literature on planned obsolescence where the durable goods monopolist overinvests in durability reducing technology.