Turnover of Used Durables in a Stationary Equilibrium: Are Older Goods Traded More?
构建了一个包含交易成本的动态模型，研究耐用品二手市场的均衡转售模式，发现转售概率随商品年龄呈非单调变化，有助于解释美国二手车市场不同车龄的转售率差异。
This paper develops a dynamic model with transaction costs to determine the equilibrium resale pattern in a market for a durable good. The key result is that the probability of resale is nonmonotonic in the age of the good. Trade volume is relatively low in the very beginning and in the middle of a good's life. This result helps explain observed variations of resale rates across vintages for the U.S. market of used cars.