Econ Papers Daily / 期刊论文
私人信息下的动态均衡模型
A Dynamic Model of Equilibrium with Private Information
摘要
This paper presents a finite-horizon, multiperiod, dynamic model of a durable goods market where owners have private information about product quality. We model product quality as changing stochastically over time and do not require monotonic depreciation. Purchase decisions depend on the endogenous quality distributions of the different types of goods for sale. The framework allows for multiple sources of nonstationarity such as changes in obsolescence and external supply over time. The market equilibrium is defined by prices, quantities, and the quality distributions of the different types of durable goods available for purchase. We use a fixed-point method to provide a formal proof of the existence of equilibrium. We discuss the challenges of computational applications and report a numerical implementation for a stylized 20-period discrete version of the model. Because we allow equilibrium to be nonstationary and quality to change non-monotonically, our framework can be extended to the housing market, the marriage market, and other markets where unobservable quality influences the product or relationship’s value over time.
中文摘要
本文提出了一个耐用品市场的有限期、多期动态模型，其中所有者对产品质量拥有私人信息。我们将产品质量建模为随时间随机变化，且不要求其单调折旧。购买决策取决于待售不同类型商品的内生质量分布。该框架允许存在多种非平稳性来源，例如过时程度的变化以及外部供给随时间的变化。市场均衡由价格、数量以及可供购买的不同类型耐用品的质量分布来定义。我们采用不动点方法为均衡的存在性提供了正式证明。我们讨论了计算应用中的挑战，并报告了该模型一个风格化的20期离散版本的数值实现。由于我们允许均衡是非平稳的且质量可以非单调变化，我们的框架可以扩展到住房市场、婚姻市场以及其他不可观测质量会随时间影响产品或关系价值的市场。