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• W2613593232 abstract "Since Akerlof’s (1970) foundational work on lemons markets, economists have been investigating how differences in information about product quality negatively affect the amount of trade in durable goods. Cardon and Hendel (2001), Hendel, Lizzeri, and Siniscalchi (2005), and Engers, Hartmann, and Stern (2009a) (EHSa) among others, find that, in a dynamic setting with suffi cient heterogeneity in tastes, the trade-inhibiting effects of private information are less severe than previously thought. There is also an extensive literature on the role of maintenance expenditures in decisions to buy or sell durable goods. (See, for example, Rust (1987), Rust and Rothwell (1995), Cho and Rust (2008), and Bensoussan et al. (2011).) These models, however, do not allow for asymmetric information about maintenance to affect other decisions. In this paper, we examine the role that unobserved maintenance expenditures play in household selling decisions for durable goods. We identify private information through the link between the household maintenance and selling decisions not accounted for by household demographics and car characteristics. The Bureau of Labor Statistics’Consumer Expenditure Survey tracks households’expenditures on vehicles. This dataset contains information on sales by vehicle owners and on the total cost of maintaining the household’s portfolio of vehicles. The richness of the data potentially can help us identify and quantify private information in the used car market. However, we show that, when there is both private information and heterogeneity observed by the market but not by the econometrician, there is a fundamental identification problem. In particular, there are three parameters of interest, a) the amount of private information, b) the degree to which costs influence selling decisions, and c) heterogeneity in household selling preferences independent of vehicle characteristics, that have identifying information captured in only two moments of the data. Thus, we" @default.
• W2613593232 created "2017-05-19" @default.
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• W2613593232 date "2012-01-01" @default.
• W2613593232 modified "2023-09-27" @default.
• W2613593232 title "Automobile Maintenance Costs, Used Cars, and Private Information" @default.
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