Quantitative Explorations into Secondary Markets

该奖项资助两个不同的项目，调查二级市场对经济活动的几个方面的影响。 二手车市场是二手车市场的一个例子，二手车市场是新车市场的二级市场。第一个项目开发并分析耐用品市场的一个新的数学模型。 这个模型强调了一个国家的总体收入分配在决定二级市场对国民经济是否重要方面的作用。 第二个项目使用来自美国、英国、法国和其他国家的数据校准模型。 校准模型，然后分析，以检查降低交易成本对二级市场和整体经济的周期性行为在每个国家的影响。这项研究扩展了我们的二级市场的理解，以及这些市场如何影响宏观经济稳定在不同的国家。

The award funds two different projects that investigate the effects of secondary markets on several dimensions of economic activity. An example of a secondary market is the market for used automobiles; this is 'secondary' to the primary market for new automobiles.The first project develops and analyzes a new mathematical model of a durable goods market. This model highlights the role of a nation's overall income distribution in determining whether or not secondary markets are important to the national economy. The second project calibrates the model using data from the United States, the United Kingdom, France, and other countries. The calibrated models are then analyzed to examine the effects of reduced transaction costs on both secondary markets and the cyclical behavior of the overall economy in each country.This research extends our understanding of secondary markets and how these markets affect macroeconomic stability in different countries.