% ============================================================================ % UQO Working Paper No. 36 — The Hidden Dynamics of Used-Car Markets % ============================================================================ \documentclass[12pt,letterpaper]{article} \usepackage[utf8]{inputenc} \usepackage[T1]{fontenc} \usepackage[english]{babel} \usepackage[letterpaper,top=1in,bottom=1in,left=1in,right=1in]{geometry} \usepackage{mathptmx} \usepackage{microtype} \usepackage{setspace} \onehalfspacing \usepackage{amsmath,amssymb,amsthm} \usepackage{booktabs} \usepackage{tabularx} \usepackage{multirow} \usepackage{threeparttable} \usepackage{longtable} \usepackage{rotating} \usepackage{siunitx} \sisetup{input-symbols = {()}, table-format = -1.3, parse-numbers = false} \usepackage{graphicx} \usepackage{subcaption} \usepackage{float} \usepackage[dvipsnames]{xcolor} \usepackage[colorlinks=true,linkcolor=NavyBlue,citecolor=NavyBlue,urlcolor=NavyBlue,breaklinks=true]{hyperref} \usepackage[authoryear,round,semicolon]{natbib} \bibliographystyle{aer} \usepackage[font=small,labelfont=bf,labelsep=period,justification=justified,singlelinecheck=false]{caption} \usepackage{fancyhdr} \pagestyle{fancy} \fancyhf{} \renewcommand{\headrulewidth}{0pt} \fancyfoot[C]{\thepage} \usepackage{titlesec} \titleformat{\section}{\large\bfseries}{\thesection.}{0.5em}{} \titleformat{\subsection}{\normalsize\bfseries}{\thesubsection.}{0.5em}{} \titleformat{\subsubsection}{\normalsize\itshape}{\thesubsubsection.}{0.5em}{} \usepackage[toc,page]{appendix} \usepackage{enumitem} \setlist{nosep,leftmargin=*} \newcommand{\tabsize}{\footnotesize} % ============================================================================ % METADATA % ============================================================================ \newcommand{\WPnumber}{36} \newcommand{\WPtitle}{The Hidden Dynamics of Used-Car Markets: Price Discovery, Inventory Liquidity, and Strategic Dealer Behavior} \newcommand{\WPsubtitle}{Evidence from a Daily Panel of 273{,}265 Quebec Listings} \newcommand{\WPdate}{November 2026} \newcommand{\WPversion}{1.0} \newcommand{\WPabstract}{\input{sections/abstract}} \newcommand{\WPkeywords}{used cars, asking prices, hedonic pricing, markdown hazard, listing survival, dealer competition, market liquidity index, Quebec} \newcommand{\WPjel}{D22, D83, L11, L62, R32, C41} \newcommand{\WPauthor}{Simon-Pierre Boucher} \newcommand{\WPaffiliation}{Département des sciences administratives\\Université du Québec en Outaouais} \newcommand{\WPemail}{simon-pierre.boucher@uqo.ca} \newcommand{\WPaddress}{Gatineau -- Pavillon Alexandre-Taché\\283, boulevard Alexandre-Taché\\Gatineau, Québec, Canada J9A 1L8} \hypersetup{pdftitle={The Hidden Dynamics of Used-Car Markets: Price Discovery, Inventory Liquidity, and Strategic Dealer Behavior}, pdfauthor={Simon-Pierre Boucher}} \begin{document} \input{sections/titlepage} \input{sections/introduction} \input{sections/background} \input{sections/literature} \input{sections/data} \input{sections/methodology} \input{sections/results_prices} \input{sections/results_dynamics} \input{sections/results_amli} \input{sections/robustness} \input{sections/conclusion} \newpage \bibliography{references} \input{appendix/appendix} \end{document}