中文摘要
本文评估汽车召回对二手市场车辆交易的影响。利用丰富的荷兰车辆登记数据集,我们利用了近乎相同的汽车之间召回方面的准实验变异。我们发现不同细分市场之间存在强烈的异质性:标价较低或存在缺陷的汽车交易增加,而标价较高或无缺陷的汽车交易减少。基于我们的理论模型,这表明召回促进了低端市场的甄别,却加剧了高端市场的逆向选择。我们的结果揭示了信息到达在存在不确定性和信息不对称的市场中所产生的影响。
Abstract
We evaluate the effect of vehicle recalls on vehicle transactions in the second-hand market. Using a rich data set of Dutch vehicle registrations, we exploit the quasiexperimental variation in recalls across nearly identical cars. We find strong heterogeneities across market segments: transactions increased for cars with lower listed price or with defects, and decreased for those with higher price or no defects. Based on our theoretical model, this suggests that recalls increase sorting in low-end markets, yet exacerbate adverse selection in high-end markets. Our results shed light on the effect of information arrival in markets subject to uncertainty and information asymmetries.