Learning by Owning in a Lemons Market
研究了资产所有者随时间了解资产质量后如何策略性出售，导致市场价格呈U形、交易概率呈驼峰形，并在住宅房地产、风险投资和建筑设备市场中找到证据。
ABSTRACT We study market dynamics when an owner learns about the quality of her asset over time. Since this information is private, the owner sells strategically to a less informed buyer following sufficient negative information. In response, market prices feature a “U‐shape” and trading probabilities a “hump‐shape” with respect to the time to sale. As the owner initially acquires greater information, buyers suffer greater adverse selection, and prices fall accordingly. Eventually, the probability of an informed sale shrinks, and prices rebound. We provide evidence consistent with our model in markets for residential real estate, venture capital investments, and construction equipment.