Lemons and Leases in the Used Business Aircraft Market
研究发现，在二手公务机市场中，可靠性较差的品牌折旧率与交易量负相关，而租赁比例高的机型则削弱了这种关系，表明逆向选择问题显著且租赁能缓解信息不对称。
Given adverse selection, durable goods that trade less frequently depreciate more quickly. Consistent with this prediction, I find an inverse relationship between depreciation and trading volume for less reliable brands of used business aircraft. Additionally, recent theoretical analyses suggest that leasing, by increasing the average quality of used goods offered for sale, may reduce adverse selection in durable goods markets. Indeed, I find an increase in the direct relationship between depreciation and trading volume for aircraft models with relatively high lease rates. Together these findings suggest that adverse selection is a prominent feature of the market for contemporary used business aircraft and that leasing mitigates the consequences of asymmetric information about the quality of used durable goods.