Obsolescence of durable goods and optimal purchase timing

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چکیده

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Obsolescence of durable goods and optimal purchase timing

Article history: Received 25 November 2013 Received in revised form 17 June 2015 Available online 13 July 2015 JEL classification: O33 O31 E22

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A durable purchased at time t 2 [0;1) provides a constant service ‡ow x0 in the interval [t; t + 1]. The price of the durable is reduced periodically: it is equal to p = p0=(1 + ) in the period of time [ ; + 1), 2 N, where 0. Assume that the interest rate equal to the rate of time preference: r = . Consider a consumer that at date t = 0 has no durable and a lifetime wealth w. His optimization p...

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An extensive body of literature argues for the benefits of planned obsolescence, the strategy of designing products with low durability to induce repeat purchases from the consumers. Yet, some firms avoid planned obsolescence and instead offer products with high durability. In this paper, we offer a demand-side rationale for a high-durability product design strategy: exclusivity-seeking consume...

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Optimal Timing to Purchase Options

We study the optimal timing of derivative purchases in incomplete markets. In our model, an investor attempts to maximize the spread between her model price and the offered market price through optimally timing her purchase. Both the investor and the market value the options by risk-neutral expectations but under different equivalent martingale measures representing different market views. The ...

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ژورنال

عنوان ژورنال: Review of Economic Dynamics

سال: 2015

ISSN: 1094-2025

DOI: 10.1016/j.red.2015.07.002