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Quantifying the Effect of Transaction Costs on Automobile Replacement : 거래 비용이 자동차 교체에 미치는 영향
DC Field | Value | Language |
---|---|---|
dc.contributor.advisor | 송인성 | - |
dc.contributor.author | 김예원 | - |
dc.date.accessioned | 2017-07-14T05:14:47Z | - |
dc.date.available | 2017-07-14T05:14:47Z | - |
dc.date.issued | 2015-02 | - |
dc.identifier.other | 000000025913 | - |
dc.identifier.uri | https://hdl.handle.net/10371/124567 | - |
dc.description | 학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2015. 2. 송인성. | - |
dc.description.abstract | This study extends the structural dynamic demand model for new and used durable goods proposed by Schiraldi (2011) and applies the random coefficients discrete choice approach to model consumer heterogeneity in demand and consumer forward-looking behavior. Specifically, I estimate the time- and product-specific transaction costs incurred in the purchase of automobiles with vehicle registration data from South Korea. A combination of the contraction mapping technique (Berry et al., 1995) and the nested fixed point algorithm (Rust, 1987) enables separate identification of the unobserved transaction costs and the unobserved product characteristics. Counterfactual experiments with arbitrary transaction costs as an input imply the significant impact of transaction costs on demand, which offers rich marketing implications. | - |
dc.description.tableofcontents | 1. Introduction 1
2. Literature review 7 2.1. Static discrete choice model 7 2.2. Dynamic discrete choice model with no repeat purchases 8 2.3. Dynamic discrete choice model of durable goods in the presence of repeat purchases and used good markets 9 3. Data 11 4. Model 15 4.1 Consumer utility 16 4.2 Definition of the state space and the expected value function 17 4.3. Construction of transition probability matrix 19 4.4 Individual choice probability 21 4.5 Aggregate demand 22 5. Estimation 24 5.1. Parameters to be estimated 24 5.2. Moment conditions 25 5.3. Computation 27 5.4. Identification 29 6. Results 31 6.1. Utility parameters 31 6.2. Transaction costs 33 6.3. Counterfactual experiments 35 7. Conclusion 39 Appendix 40 A.1. Static model with no consumer heterogeneity 42 A.2. Static model with consumer heterogeneity 43 References 40 | - |
dc.format | application/pdf | - |
dc.format.extent | 814534 bytes | - |
dc.format.medium | application/pdf | - |
dc.language.iso | en | - |
dc.publisher | 서울대학교 대학원 | - |
dc.subject | Durable Goods | - |
dc.subject | Demand Estimation | - |
dc.subject | Random Coefficients Discrete Choice Model | - |
dc.subject | Used Good Market | - |
dc.subject | Dynamic Programming | - |
dc.subject | Transaction Costs | - |
dc.subject.ddc | 658 | - |
dc.title | Quantifying the Effect of Transaction Costs on Automobile Replacement | - |
dc.title.alternative | 거래 비용이 자동차 교체에 미치는 영향 | - |
dc.type | Thesis | - |
dc.contributor.AlternativeAuthor | Yewon Kim | - |
dc.description.degree | Master | - |
dc.citation.pages | iii, 44 | - |
dc.contributor.affiliation | 경영대학 경영학과 | - |
dc.date.awarded | 2015-02 | - |
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