Durable Goods Price Cycles: Theory and Evidence from the Textbook Market

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タイトル，著者，概要	本文（PDF)
"Durable Goods Price Cycles: Theory and Evidence from the Textbook Market"(2011年10月) 　飯塚　敏晃（東京大学大学院経済学研究科教授・競争政策研究センター客員研究員）　エリック　W．ボンド（ヴァンダービルト大学経済学部教授）概要　We study the pricing of a durable-goods monopolist who faces heterogeneous buyers.Our durable good has the features of a textbook:each period new consumers enter the market, and the introduction of a new edition kills off used goods. We show that,unlike the traditional Swan-type models where all consumers resell the good, the monopolist's optimal policy could be to increase the price over the life of an edition.Our empirical analysis supports this model: textbook prices increase as the share of used textbooks increases. Moreover, textbook prices tend to increase as the end of the current edition approaches. Keywords: kill-off used durable, durable goods, market for used and new goods, secondhand market, planned obsolescence JEL Classification Codes:D420, L120	CPDP 54-E(PDF:446KB)

タイトル，著者，概要

本文
（PDF)

"Durable Goods Price Cycles: Theory and Evidence from the Textbook Market"(2011年10月)
　飯塚　敏晃（東京大学大学院経済学研究科教授・競争政策研究センター客員研究員）
　エリック　W．ボンド（ヴァンダービルト大学経済学部教授）
概要
　We study the pricing of a durable-goods monopolist who faces heterogeneous buyers.Our durable good has the features of a textbook:each period new consumers enter the market, and the introduction of a new edition kills off used goods. We show that,unlike the traditional Swan-type models where all consumers resell the good, the monopolist's optimal policy could be to increase the price over the life of an edition.Our empirical analysis supports this model: textbook prices increase as the share of used textbooks increases. Moreover, textbook prices tend to increase as the end of the current edition approaches.
Keywords: kill-off used durable, durable goods, market for used and new goods, secondhand market, planned obsolescence
JEL Classification Codes:D420, L120

CPDP
54-E(PDF:446KB)