Hendel, Igal; Lizzeri, Alessandro; Siniscalchi, Marciano - In: Review of Economic Studies 72 (2005) 2, pp. 467-497
We discuss a class of markets for durable goods where efficiency (or approximate efficiency) is obtained despite the presence of information asymmetries. In the model, the number of times a good has changed hands (the vintage of the good) is an accurate signal of its quality, each consumer...
