Dynamic interaction between markets for leasing and selling automobiles
研究了汽车租赁与销售市场价格之间的动态互动关系，发现销售市场价格变动会迅速引发租赁市场价格反向变化，并改进了租赁估值公式。
We develop a model of dynamic interactions between price variations in leasing and selling markets for automobiles. Our framework assumes a differential game between multiple Bertrand-type competing firms which offer differentiated products to forward-looking agents. Empirical analysis of our model using monthly US data from 2002 to 2011 shows that variations in selling (cash) market prices lead rapidly dissipating changes of leasing market prices in the opposite direction. We discuss the practical implications of these results by augmenting a standard leasing valuation formula. The additional terms represent the leased asset value changes that can be expected on the basis of past variations in automobile selling market prices.