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A model of the used car market with lemons and leasing

机译：柠檬和租赁的二手车市场模型

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摘要

This article extends Kim's (1985) model of the used car market with asymmetric information to examine the possible impacts of leasing and Certified Pre-Owned (CPO) programs on the average quality of traded used cars in the market. The author assumed that a consumer can buy or lease a new car, or he/she can buy a used or a CPO car. While, like Kim (1985), the author assumed that the quality of a car depends on the maintenance level, the maintenance level in this model is chosen when a car is still a 'new' car, i.e. after the warranty ends. The model implied that the average quality of traded used cars can be either higher or lower than the average quality of nontraded used cars. The study also found that leasing and CPO have substantially improved the information mechanism between buyers and sellers of used cars, which, in turn, has helped reduce adverse selection and improved the average quality of traded used cars in the market.
机译：本文用不对称信息扩展了Kim（1985）的二手车市场模型，以研究租赁和认证二手车（CPO）计划对二手车市场平均质量的可能影响。作者假设消费者可以购买或租赁新车，或者他/她可以购买二手车或CPO汽车。尽管与Kim（1985）一样，作者假设汽车的质量取决于维护水平，但当模型仍是“新”汽车时（即保修期结束后），则选择此模型中的维护水平。该模型暗示二手车的平均质量可以高于或低于非二手车的平均质量。该研究还发现，租赁和CPO大大改善了二手车买卖双方之间的信息机制，从而帮助减少了逆向选择并提高了二手车市场的平均质量。

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  • 来源
    《Applied Economics》 |2010年第30期|p.3619-3627|共9页
  • 作者

    Arif Sultan;

  • 作者单位

    Department of Economics, Saginaw Valley State University,7400 Bay Road, University Center, Saginaw, MI 48710, USA;

  • 收录信息 美国《科学引文索引》(SCI);
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
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