Adverse Selection in Durable Goods Markets
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An undesirable feature of Akerlof style models of adverse selection is that ownership of" used cars is independent of preferences and is therefore ad hoc. We present a dynamic model" that incorporates the market for new goods. Consumers self-select into buying new or used" goods making ownership of
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美国国家经济研究局创建时间：
1997-09-01
