The Effect of Information on Market Activity: Evidence from Vehicle Recalls
利用荷兰车辆登记数据，研究车辆召回对二手车交易的影响，发现召回在低端市场促进交易，在高端市场加剧逆向选择。
Abstract We evaluate the effect of vehicle recalls on vehicle transactions in the second-hand market. Using a rich data set of Dutch vehicle registrations, we exploit the quasiexperimental variation in recalls across nearly identical cars. We find strong heterogeneities across market segments: transactions increased for cars with lower listed price or with defects, and decreased for those with higher price or no defects. Based on our theoretical model, this suggests that recalls increase sorting in low-end markets, yet exacerbate adverse selection in high-end markets. Our results shed light on the effect of information arrival in markets subject to uncertainty and information asymmetries.