Durable‐goods oligopoly with secondary markets: the case of automobiles
构建了一个考虑产品耐用性和二手市场交易的动态寡头模型，利用20年汽车行业数据估计参数，衡量二手市场对竞争的重要性。
We study the effects of durability and secondary markets on equilibrium firm behavior in the car market. We construct a dynamic oligopoly model of a differentiated product market to incorporate the equilibrium production dynamics that arise from the durability of the goods and their active trade in secondary markets. We derive an econometric model and estimate its parameters using data from the automobile industry over a 20‐year period. Our estimates are used to provide a measure of the competitive importance of the secondary market.