Janssen, Maarten C. W.; Karamychev, Vladimir A. - In: Economic Theory 20 (2002) 3, pp. 579-601
The paper investigates the nature of market failure in a dynamic version of Akerlof (1970) where identical cohorts of a durable good enter the market over time. In the dynamic model, equilibria with qualitatively different properties emerge. Typically, in equilibria of the dynamic model, sellers...
