We formulate and estimate a dynamic structural model of consumer behavior with the user cost of durable goods by incorporating costly reversibility and adjustment costs, and analyze the demands for durable and nondurable goods, using U.S. data. We find an important role of a secondhand market in...

It is widely believed that a firm’s social network may affect its market value. Yet there is few empirical evidence supporting this assumption. This paper attempts to address this issue by using the data of Chinese listed firms together with the relevant social network information. The study...