Dynamics of Consumer Demand for New Durable Goods
研究了新型耐用品价格快速下降和质量提升背景下，消费者偏好的动态模型，以数码摄像机行业为例，发现短期价格弹性高于长期，且传统生活成本指数高估了后期福利增益。
Most new consumer durable goods experience rapid prices declines and quality improvements, suggesting the importance of modeling dynamics. This paper specifies a dynamic model of consumer preferences for new durable goods with persistently heterogeneous consumer tastes, rational expectations, and repeat purchases over time. We estimate the model on the digital camcorder industry using panel data on prices, sales, and characteristics. We find that the 1-year elasticity in response to a transitory industrywide price shock is about 25 percent less than the 1-month elasticity. Standard cost-of-living indices overstate welfare gain in later periods due to a changing composition of buyers.