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| Author: | Kursten, W. |
| Title: | A theory of second-hand markets: a rapid depreciation of consumer durables and product differentiation effects |
| Journal: | Journal of Institutional and Theoretical Economics
1991 : SEPT, VOL. 147:3, p.459-76 |
| Index terms: | CONSUMER GOODS CONSUMER DURABLES |
| Language: | eng |
| Abstract: | A deterministic second-hand market model with heterogeneous consumers is used to gain insight into the structure of secondary market equilibrium. It is demonstrated that buyers can be characterized by the slopes of their utility functions. Equilibrium price structure is shown to be convex if and only if the utility functions are diminishing. |
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