1% ============================================================================2% UQO Working Paper No. 36 — The Hidden Dynamics of Used-Car Markets3% ============================================================================4\documentclass[12pt,letterpaper]{article}5\usepackage[utf8]{inputenc}6\usepackage[T1]{fontenc}7\usepackage[english]{babel}8\usepackage[letterpaper,top=1in,bottom=1in,left=1in,right=1in]{geometry}9\usepackage{mathptmx}10\usepackage{microtype}11\usepackage{setspace}12\onehalfspacing13\usepackage{amsmath,amssymb,amsthm}14\usepackage{booktabs}15\usepackage{tabularx}16\usepackage{multirow}17\usepackage{threeparttable}18\usepackage{longtable}19\usepackage{rotating}20\usepackage{siunitx}21\sisetup{input-symbols = {()}, table-format = -1.3, parse-numbers = false}22\usepackage{graphicx}23\usepackage{subcaption}24\usepackage{float}25\usepackage[dvipsnames]{xcolor}26\usepackage[colorlinks=true,linkcolor=NavyBlue,citecolor=NavyBlue,urlcolor=NavyBlue,breaklinks=true]{hyperref}27\usepackage[authoryear,round,semicolon]{natbib}28\bibliographystyle{aer}29\usepackage[font=small,labelfont=bf,labelsep=period,justification=justified,singlelinecheck=false]{caption}30\usepackage{fancyhdr}31\pagestyle{fancy}32\fancyhf{}33\renewcommand{\headrulewidth}{0pt}34\fancyfoot[C]{\thepage}35\usepackage{titlesec}36\titleformat{\section}{\large\bfseries}{\thesection.}{0.5em}{}37\titleformat{\subsection}{\normalsize\bfseries}{\thesubsection.}{0.5em}{}38\titleformat{\subsubsection}{\normalsize\itshape}{\thesubsubsection.}{0.5em}{}39\usepackage[toc,page]{appendix}40\usepackage{enumitem}41\setlist{nosep,leftmargin=*}42\newcommand{\tabsize}{\footnotesize}4344% ============================================================================45% METADATA46% ============================================================================47\newcommand{\WPnumber}{36}48\newcommand{\WPtitle}{The Hidden Dynamics of Used-Car Markets: Price Discovery, Inventory Liquidity, and Strategic Dealer Behavior}49\newcommand{\WPsubtitle}{Evidence from a Daily Panel of 273{,}265 Quebec Listings}50\newcommand{\WPdate}{November 2026}51\newcommand{\WPversion}{1.0}52\newcommand{\WPabstract}{\input{sections/abstract}}53\newcommand{\WPkeywords}{used cars, asking prices, hedonic pricing, markdown hazard, listing survival, dealer competition, market liquidity index, Quebec}54\newcommand{\WPjel}{D22, D83, L11, L62, R32, C41}55\newcommand{\WPauthor}{Simon-Pierre Boucher}56\newcommand{\WPaffiliation}{Département des sciences administratives\\Université du Québec en Outaouais}57\newcommand{\WPemail}{simon-pierre.boucher@uqo.ca}58\newcommand{\WPaddress}{Gatineau -- Pavillon Alexandre-Taché\\283, boulevard Alexandre-Taché\\Gatineau, Québec, Canada J9A 1L8}59\hypersetup{pdftitle={The Hidden Dynamics of Used-Car Markets: Price Discovery, Inventory Liquidity, and Strategic Dealer Behavior}, pdfauthor={Simon-Pierre Boucher}}6061\begin{document}62\input{sections/titlepage}63\input{sections/introduction}64\input{sections/background}65\input{sections/literature}66\input{sections/data}67\input{sections/methodology}68\input{sections/results_prices}69\input{sections/results_dynamics}70\input{sections/results_amli}71\input{sections/robustness}72\input{sections/conclusion}73\newpage74\bibliography{references}75\input{appendix/appendix}76\end{document}77