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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...
Persistent link: https://www.econbiz.de/10010270340
We study the possibility of achieving efficiency in a dynamic adverse selection market for durable goods. The idea is to use the number of times a car has been traded (``vintage'') as a signal of its quality. Higher-valuation consumers experiment with younger vintages. <br> We first exhibit an...
Persistent link: https://www.econbiz.de/10005328787
Persistent link: https://www.econbiz.de/10002692475
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...
Persistent link: https://www.econbiz.de/10003231598
We propose a simple theoretical model of supervised learning that is potentially useful to interpret a number of empirical phenomena. The model captures a basic tradeoff between sheltering the child from the consequences of his mistakes, and allowing him to learn from experience. We characterize...
Persistent link: https://www.econbiz.de/10010266272
We propose a simple theoretical model of supervised learning that is potentially useful to interpret a number of empirical phenomena. The model captures a basic tradeoff between sheltering the child from the consequences of his mistakes, and allowing him to learn from experience. We characterize...
Persistent link: https://www.econbiz.de/10005766907
We propose a simple theoretical model of supervised learning that is potentially useful to interpret a number of empirical phenomena. The model captures a basic trade-off between sheltering the child from the consequences of his mistakes, and allowing him to learn from experience. We...
Persistent link: https://www.econbiz.de/10014026514
Persistent link: https://www.econbiz.de/10003764483
We propose a simple theoretical model of supervised learning that is potentially useful to interpret a number of empirical phenomena. The model captures a basic tradeoff between sheltering the child from the consequences of his mistakes, and allowing him to learn from experience. We characterize...
Persistent link: https://www.econbiz.de/10003781435
We study dynamic monopoly pricing of storable goods in an environment where demand changes over time. The literature on durables has focused on incentives to delay purchases. Our analysis focuses on a different intertemporal demand incentive. The key force on the consumer side is advance...
Persistent link: https://www.econbiz.de/10010270366