Credit constraints, consumer leasing and the automobile replacement decision
Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 1999 - Business & Economics - 28 pages
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action adverse selection Athanasios Orphanides automobile market Automobile Replacement automobile services borrowing constraint choice of automobile conditional probability Consumer Leasing decision to lease discount factor dummy variable Economics Discussion Series empirical model estimated expensive automobiles Federal Reserve Board Federal Reserve System Finance and Economics ﬁnancial ﬁnancing ﬁnd that lessees ﬁrst ﬁve functional form gross rate household chooses household receives household replaces household’s choice household’s decision household’s income households who lease indirect utility July lease an automobile lease automobile lease contracts leasing and purchasing level of automobile Louise Sheiner Low Time Discount Low VMT Region maximization problem Monetary Policy Moral Hazard Non-white or Hispanic number of functional optimal option percentage points prefer newer probability of leasing reduces the number replace their automobile Replacement Decision replaces its automobile retum September 1999 Signiﬁcant speciﬁcation standard errors subsistence level theoretical model transaction cost tumed user cost vehicles in stock willingness to pay