1@article{rosen1974hedonic,2 author = {Rosen, Sherwin},3 title = {{Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition}},4 journal = {Journal of Political Economy},5 volume = {82},6 number = {1},7 pages = {34--55},8 year = {1974},9 doi = {10.1086/260169}10}1112@article{lancaster1966newapproach,13 author = {Lancaster, Kelvin J.},14 title = {{A New Approach to Consumer Theory}},15 journal = {Journal of Political Economy},16 volume = {74},17 number = {2},18 pages = {132--157},19 year = {1966},20 doi = {10.1086/259131}21}2223@article{pakes2003hedonic,24 author = {Pakes, Ariel},25 title = {{A Reconsideration of Hedonic Price Indexes with an Application to PC's}},26 journal = {American Economic Review},27 volume = {93},28 number = {5},29 pages = {1578--1596},30 year = {2003},31 doi = {10.1257/000282803322655455}32}3334@book{triplett2006handbook,35 author = {Triplett, Jack},36 title = {Handbook on Hedonic Indexes and Quality Adjustments in Price Indexes},37 year = {2006},38 publisher = {OECD Publishing},39 address = {Paris},40 doi = {10.1787/9789264028159-en}41}4243@article{bajari2005hedonic,44 author = {Bajari, Patrick and Benkard, C. Lanier},45 title = {{Demand Estimation with Heterogeneous Consumers and Unobserved Product Characteristics: A Hedonic Approach}},46 journal = {Journal of Political Economy},47 volume = {113},48 number = {6},49 pages = {1239--1276},50 year = {2005},51 doi = {10.1086/498586}52}5354@article{ekeland2004hedonic,55 author = {Ekeland, Ivar and Heckman, James J. and Nesheim, Lars},56 title = {{Identification and Estimation of Hedonic Models}},57 journal = {Journal of Political Economy},58 volume = {112},59 number = {S1},60 pages = {S60--S109},61 year = {2004},62 doi = {10.1086/379947}63}6465@article{silver2007hedonicimputation,66 author = {Silver, Mick and Heravi, Saeed},67 title = {{The Difference Between Hedonic Imputation Indexes and Time Dummy Hedonic Indexes}},68 journal = {Journal of Business \& Economic Statistics},69 volume = {25},70 number = {2},71 pages = {239--246},72 year = {2007},73 doi = {10.1198/073500106000000486}74}7576@incollection{diewert2003hedonic,77 author = {Diewert, W. Erwin},78 title = {{Hedonic Regressions: A Consumer Theory Approach}},79 booktitle = {Scanner Data and Price Indexes},80 editor = {Feenstra, Robert C. and Shapiro, Matthew D.},81 pages = {317--348},82 year = {2003},83 publisher = {University of Chicago Press},84 doi = {10.7208/chicago/9780226239668.003.0012}85}8687@article{dreyfus1995timepreference,88 author = {Dreyfus, Mark K. and Viscusi, W. Kip},89 title = {{Rates of Time Preference and Consumer Valuations of Automobile Safety and Fuel Efficiency}},90 journal = {Journal of Law and Economics},91 volume = {38},92 number = {1},93 pages = {79--105},94 year = {1995},95 doi = {10.1086/467326}96}9798@article{berry1995automobile,99 author = {Berry, Steven and Levinsohn, James and Pakes, Ariel},100 title = {{Automobile Prices in Market Equilibrium}},101 journal = {Econometrica},102 volume = {63},103 number = {4},104 pages = {841},105 year = {1995},106 doi = {10.2307/2171802}107}108109@article{goodman1998court,110 author = {Goodman, Allen C},111 title = {{Andrew Court and the Invention of Hedonic Price Analysis}},112 journal = {Journal of Urban Economics},113 volume = {44},114 number = {2},115 pages = {291--298},116 year = {1998},117 doi = {10.1006/juec.1997.2071}118}119120@article{akerlof1970lemons,121 author = {Akerlof, George A.},122 title = {{The Market for "Lemons": Quality Uncertainty and the Market Mechanism}},123 journal = {Quarterly Journal of Economics},124 volume = {84},125 number = {3},126 pages = {488},127 year = {1970},128 doi = {10.2307/1879431}129}130131@article{hendel1999adverse,132 author = {Hendel, Igal and Lizzeri, Alessandro},133 title = {{Adverse Selection in Durable Goods Markets}},134 journal = {American Economic Review},135 volume = {89},136 number = {5},137 pages = {1097--1115},138 year = {1999},139 doi = {10.1257/aer.89.5.1097}140}141142@article{hendel2002leasing,143 author = {Hendel, Igal and Lizzeri, Alessandro},144 title = {{The Role of Leasing under Adverse Selection}},145 journal = {Journal of Political Economy},146 volume = {110},147 number = {1},148 pages = {113--143},149 year = {2002},150 doi = {10.1086/324387}151}152153@article{stolyarov2002turnover,154 author = {Stolyarov, Dmitriy},155 title = {{Turnover of Used Durables in a Stationary Equilibrium: Are Older Goods Traded More?}},156 journal = {Journal of Political Economy},157 volume = {110},158 number = {6},159 pages = {1390--1413},160 year = {2002},161 doi = {10.1086/343745}162}163164@article{gavazza2014usedcar,165 author = {Gavazza, Alessandro and Lizzeri, Alessandro and Roketskiy, Nikita},166 title = {{A Quantitative Analysis of the Used-Car Market}},167 journal = {American Economic Review},168 volume = {104},169 number = {11},170 pages = {3668--3700},171 year = {2014},172 doi = {10.1257/aer.104.11.3668}173}174175@article{rust1985durable,176 author = {Rust, John},177 title = {{Stationary Equilibrium in a Market for Durable Assets}},178 journal = {Econometrica},179 volume = {53},180 number = {4},181 pages = {783},182 year = {1985},183 doi = {10.2307/1912654}184}185186@techreport{porter1999usedtrade,187 author = {Porter, Robert H. and Sattler, Peter},188 title = {Patterns of Trade in the Market for Used Durables: Theory and Evidence},189 number = {7149},190 year = {1999},191 institution = {National Bureau of Economic Research},192 type = {NBER Working Paper},193 doi = {10.3386/w7149}194}195196@article{engers2009annualmiles,197 author = {Engers, Maxim and Hartmann, Monica and Stern, Steven},198 title = {{Annual miles drive used car prices}},199 journal = {Journal of Applied Econometrics},200 volume = {24},201 number = {1},202 pages = {1--33},203 year = {2009},204 doi = {10.1002/jae.1034}205}206207@article{emons2009usedcars,208 author = {Emons, Winand and Sheldon, George},209 title = {{The market for used cars: new evidence of the lemons phenomenon}},210 journal = {Applied Economics},211 volume = {41},212 number = {22},213 pages = {2867--2885},214 year = {2009},215 doi = {10.1080/00036840802277332}216}217218@article{genesove1993adverse,219 author = {Genesove, David},220 title = {{Adverse Selection in the Wholesale Used Car Market}},221 journal = {Journal of Political Economy},222 volume = {101},223 number = {4},224 pages = {644--665},225 year = {1993},226 doi = {10.1086/261891}227}228229@article{lewis2011asymmetric,230 author = {Lewis, Gregory},231 title = {{Asymmetric Information, Adverse Selection and Online Disclosure: The Case of eBay Motors}},232 journal = {American Economic Review},233 volume = {101},234 number = {4},235 pages = {1535--1546},236 year = {2011},237 doi = {10.1257/aer.101.4.1535}238}239240@article{adams2011vettes,241 author = {Adams, Christopher P. and Hosken, Laura and Newberry, Peter W.},242 title = {{Vettes and lemons on eBay}},243 journal = {Quantitative Marketing and Economics},244 volume = {9},245 number = {2},246 pages = {109--127},247 year = {2011},248 doi = {10.1007/s11129-011-9095-2}249}250251@article{peterson2014adverse,252 author = {Peterson, Jonathan R. and Schneider, Henry S.},253 title = {{Adverse selection in the used-car market: evidence from purchase and repair patterns in the Consumer Expenditure Survey}},254 journal = {RAND Journal of Economics},255 volume = {45},256 number = {1},257 pages = {140--154},258 year = {2014},259 doi = {10.1111/1756-2171.12045}260}261262@article{peterson2017beautiful,263 author = {Peterson, Jonathan R. and Schneider, Henry S.},264 title = {{Beautiful Lemons: Adverse Selection in Durable-Goods Markets with Sorting}},265 journal = {Management Science},266 volume = {63},267 number = {9},268 pages = {3111--3127},269 year = {2017},270 doi = {10.1287/mnsc.2016.2495}271}272273@article{busse2013gasoline,274 author = {Busse, Meghan R and Knittel, Christopher R and Zettelmeyer, Florian},275 title = {{Are Consumers Myopic? Evidence from New and Used Car Purchases}},276 journal = {American Economic Review},277 volume = {103},278 number = {1},279 pages = {220--256},280 year = {2013},281 doi = {10.1257/aer.103.1.220}282}283284@article{sallee2016fueleconomy,285 author = {Sallee, James M. and West, Sarah E. and Fan, Wei},286 title = {{Do consumers recognize the value of fuel economy? Evidence from used car prices and gasoline price fluctuations}},287 journal = {Journal of Public Economics},288 volume = {135},289 pages = {61--73},290 year = {2016},291 doi = {10.1016/j.jpubeco.2016.01.003}292}293294@article{jacobsen2015scrappage,295 author = {Jacobsen, Mark R. and van Benthem, Arthur A.},296 title = {{Vehicle Scrappage and Gasoline Policy}},297 journal = {American Economic Review},298 volume = {105},299 number = {3},300 pages = {1312--1338},301 year = {2015},302 doi = {10.1257/aer.20130935}303}304305@article{larsen2021bargaining,306 author = {Larsen, Bradley J},307 title = {{The Efficiency of Real-World Bargaining: Evidence from Wholesale Used-Auto Auctions}},308 journal = {Review of Economic Studies},309 volume = {88},310 number = {2},311 pages = {851--882},312 year = {2021},313 doi = {10.1093/restud/rdaa007}314}315316@article{kooreman2006anomalies,317 author = {Kooreman, Peter and Haan, Marco A.},318 title = {{Price Anomalies in the Used Car Market}},319 journal = {De Economist},320 volume = {154},321 number = {1},322 pages = {41--62},323 year = {2006},324 doi = {10.1007/s10645-006-6485-z}325}326327@article{lacetera2012heuristic,328 author = {Lacetera, Nicola and Pope, Devin G and Sydnor, Justin R},329 title = {{Heuristic Thinking and Limited Attention in the Car Market}},330 journal = {American Economic Review},331 volume = {102},332 number = {5},333 pages = {2206--2236},334 year = {2012},335 doi = {10.1257/aer.102.5.2206}336}337338@article{biglaiser2020intermediaries,339 author = {Biglaiser, Gary and Li, Fei and Murry, Charles and Zhou, Yiyi},340 title = {{Intermediaries and product quality in used car markets}},341 journal = {RAND Journal of Economics},342 volume = {51},343 number = {3},344 pages = {905--933},345 year = {2020},346 doi = {10.1111/1756-2171.12344}347}348349@article{biglaiser1993middlemen,350 author = {Biglaiser, Gary},351 title = {{Middlemen as Experts}},352 journal = {RAND Journal of Economics},353 volume = {24},354 number = {2},355 pages = {212},356 year = {1993},357 doi = {10.2307/2555758}358}359360@article{haan2010internetregional,361 author = {Haan, Marco A. and de Boer, Henk-Wim},362 title = {{Has the Internet Eliminated Regional Price Differences? Evidence from the Used Car Market}},363 journal = {De Economist},364 volume = {158},365 number = {4},366 pages = {373--386},367 year = {2010},368 doi = {10.1007/s10645-010-9151-4}369}370371@article{pesendorfer2002retailsales,372 author = {Pesendorfer, Martin},373 title = {{Retail Sales: A Study of Pricing Behavior in Supermarkets}},374 journal = {Journal of Business},375 volume = {75},376 number = {1},377 pages = {33--66},378 year = {2002},379 doi = {10.1086/323504}380}381382@article{nakamura2008fivefacts,383 author = {Nakamura, Emi and Steinsson, J{\'o}n},384 title = {{Five Facts about Prices: A Reevaluation of Menu Cost Models}},385 journal = {Quarterly Journal of Economics},386 volume = {123},387 number = {4},388 pages = {1415--1464},389 year = {2008},390 doi = {10.1162/qjec.2008.123.4.1415}391}392393@article{aguirregabiria1999markups,394 author = {Aguirregabiria, Victor},395 title = {{The Dynamics of Markups and Inventories in Retailing Firms}},396 journal = {Review of Economic Studies},397 volume = {66},398 number = {2},399 pages = {275--308},400 year = {1999},401 doi = {10.1111/1467-937X.00088}402}403404@article{cho2010flatrental,405 author = {Cho, Sungjin and Rust, John},406 title = {{The Flat Rental Puzzle}},407 journal = {Review of Economic Studies},408 volume = {77},409 number = {2},410 pages = {560--594},411 year = {2010},412 doi = {10.1111/j.1467-937x.2009.00556.x}413}414415@article{zettelmeyer2006internet,416 author = {Zettelmeyer, Florian and Scott Morton, Fiona and Silva-Risso, Jorge},417 title = {{How the Internet Lowers Prices: Evidence from Matched Survey and Automobile Transaction Data}},418 journal = {Journal of Marketing Research},419 volume = {43},420 number = {2},421 pages = {168--181},422 year = {2006},423 doi = {10.1509/jmkr.43.2.168}424}425426@article{scottmorton2001internet,427 author = {Scott Morton, Fiona and Zettelmeyer, Florian and Silva-Risso, Jorge},428 title = {{Internet Car Retailing}},429 journal = {Journal of Industrial Economics},430 volume = {49},431 number = {4},432 pages = {501--519},433 year = {2001},434 doi = {10.1111/1467-6451.00160}435}436437@article{busse2006cashback,438 author = {Busse, Meghan and Silva-Risso, Jorge and Zettelmeyer, Florian},439 title = {{\$1,000 Cash Back: The Pass-Through of Auto Manufacturer Promotions}},440 journal = {American Economic Review},441 volume = {96},442 number = {4},443 pages = {1253--1270},444 year = {2006},445 doi = {10.1257/aer.96.4.1253}446}447448@article{murry2020colocation,449 author = {Murry, Charles and Zhou, Yiyi},450 title = {{Consumer Search and Automobile Dealer Colocation}},451 journal = {Management Science},452 volume = {66},453 number = {5},454 pages = {1909--1934},455 year = {2020},456 doi = {10.1287/mnsc.2019.3307}457}458459@article{israeli2022marketpower,460 author = {Israeli, Ayelet and Scott Morton, Fiona and Silva-Risso, Jorge and Zettelmeyer, Florian},461 title = {{How Market Power Affects Dynamic Pricing: Evidence from Inventory Fluctuations at Car Dealerships}},462 journal = {Management Science},463 volume = {68},464 number = {2},465 pages = {895--916},466 year = {2022},467 doi = {10.1287/mnsc.2021.3967}468}469470@article{gallego1994dynamicpricing,471 author = {Gallego, Guillermo and van Ryzin, Garrett},472 title = {{Optimal Dynamic Pricing of Inventories with Stochastic Demand over Finite Horizons}},473 journal = {Management Science},474 volume = {40},475 number = {8},476 pages = {999--1020},477 year = {1994},478 doi = {10.1287/mnsc.40.8.999}479}480481@article{elmaghraby2003dynamicpricing,482 author = {Elmaghraby, Wedad and Keskinocak, P{\i}nar},483 title = {{Dynamic Pricing in the Presence of Inventory Considerations: Research Overview, Current Practices, and Future Directions}},484 journal = {Management Science},485 volume = {49},486 number = {10},487 pages = {1287--1309},488 year = {2003},489 doi = {10.1287/mnsc.49.10.1287.17315}490}491492@article{pashigian1991sale,493 author = {Pashigian, B. P. and Bowen, B.},494 title = {{Why Are Products Sold on Sale?: Explanations of Pricing Regularities}},495 journal = {Quarterly Journal of Economics},496 volume = {106},497 number = {4},498 pages = {1015--1038},499 year = {1991},500 doi = {10.2307/2937955}501}502503@article{sweeting2012perishable,504 author = {Sweeting, Andrew},505 title = {{Dynamic Pricing Behavior in Perishable Goods Markets: Evidence from Secondary Markets for Major League Baseball Tickets}},506 journal = {Journal of Political Economy},507 volume = {120},508 number = {6},509 pages = {1133--1172},510 year = {2012},511 doi = {10.1086/669254}512}513514@article{merlo2004bargaining,515 author = {Merlo, Antonio and Ortalo-Magn{\'e}, Fran{\c{c}}ois},516 title = {{Bargaining over residential real estate: evidence from England}},517 journal = {Journal of Urban Economics},518 volume = {56},519 number = {2},520 pages = {192--216},521 year = {2004},522 doi = {10.1016/j.jue.2004.05.004}523}524525@article{merlo2015homeselling,526 author = {Merlo, Antonio and Ortalo-Magn{\'e}, Fran{\c{c}}ois and Rust, John},527 title = {{The Home Selling Problem: Theory and Evidence}},528 journal = {International Economic Review},529 volume = {56},530 number = {2},531 pages = {457--484},532 year = {2015},533 doi = {10.1111/iere.12111}534}535536@article{busse2015weather,537 author = {Busse, Meghan R. and Pope, Devin G. and Pope, Jaren C. and Silva-Risso, Jorge},538 title = {{The Psychological Effect of Weather on Car Purchases}},539 journal = {Quarterly Journal of Economics},540 volume = {130},541 number = {1},542 pages = {371--414},543 year = {2015},544 doi = {10.1093/qje/qju033}545}546547@article{stigler1961information,548 author = {Stigler, George J.},549 title = {{The Economics of Information}},550 journal = {Journal of Political Economy},551 volume = {69},552 number = {3},553 pages = {213--225},554 year = {1961},555 doi = {10.1086/258464}556}557558@article{burdett1983equilibrium,559 author = {Burdett, Kenneth and Judd, Kenneth L.},560 title = {{Equilibrium Price Dispersion}},561 journal = {Econometrica},562 volume = {51},563 number = {4},564 pages = {955},565 year = {1983},566 doi = {10.2307/1912045}567}568569@article{sorensen2000dispersion,570 author = {Sorensen, Alan T.},571 title = {{Equilibrium Price Dispersion in Retail Markets for Prescription Drugs}},572 journal = {Journal of Political Economy},573 volume = {108},574 number = {4},575 pages = {833--850},576 year = {2000},577 doi = {10.1086/316103}578}579580@article{lach2002dispersion,581 author = {Lach, Saul},582 title = {{Existence and Persistence of Price Dispersion: An Empirical Analysis}},583 journal = {Review of Economics and Statistics},584 volume = {84},585 number = {3},586 pages = {433--444},587 year = {2002},588 doi = {10.1162/003465302320259457}589}590591@incollection{baye2006dispersion,592 author = {Baye, Michael R. and Morgan, John and Scholten, Patrick},593 title = {{Information, Search, and Price Dispersion}},594 booktitle = {Handbook on Economics and Information Systems},595 editor = {Hendershott, Terrence},596 volume = {1},597 pages = {323--375},598 year = {2006},599 publisher = {Elsevier},600 doi = {10.1016/S1574-0145(06)01006-3}601}602603@article{diamond1971paradox,604 author = {Diamond, Peter A},605 title = {{A model of price adjustment}},606 journal = {Journal of Economic Theory},607 volume = {3},608 number = {2},609 pages = {156--168},610 year = {1971},611 doi = {10.1016/0022-0531(71)90013-5}612}613614@article{kaplan2015dispersion,615 author = {Kaplan, Greg and Menzio, Guido},616 title = {{The Morphology of Price Dispersion}},617 journal = {International Economic Review},618 volume = {56},619 number = {4},620 pages = {1165--1206},621 year = {2015},622 doi = {10.1111/iere.12134}623}624625@article{duffie2005otc,626 author = {Duffie, Darrell and G{\^a}rleanu, Nicolae and Pedersen, Lasse Heje},627 title = {{Over-the-Counter Markets}},628 journal = {Econometrica},629 volume = {73},630 number = {6},631 pages = {1815--1847},632 year = {2005},633 doi = {10.1111/j.1468-0262.2005.00639.x}634}635636@article{lagos2009liquidity,637 author = {Lagos, Ricardo and Rocheteau, Guillaume},638 title = {{Liquidity in Asset Markets with Search Frictions}},639 journal = {Econometrica},640 volume = {77},641 number = {2},642 pages = {403--426},643 year = {2009},644 doi = {10.3982/ECTA7250}645}646647@article{amihud2002illiquidity,648 author = {Amihud, Yakov},649 title = {{Illiquidity and stock returns: cross-section and time-series effects}},650 journal = {Journal of Financial Markets},651 volume = {5},652 number = {1},653 pages = {31--56},654 year = {2002},655 doi = {10.1016/S1386-4181(01)00024-6}656}657658@article{amihud1986bidask,659 author = {Amihud, Yakov and Mendelson, Haim},660 title = {{Asset pricing and the bid-ask spread}},661 journal = {Journal of Financial Economics},662 volume = {17},663 number = {2},664 pages = {223--249},665 year = {1986},666 doi = {10.1016/0304-405X(86)90065-6}667}668669@article{krainer2001housingliquidity,670 author = {Krainer, John},671 title = {{A Theory of Liquidity in Residential Real Estate Markets}},672 journal = {Journal of Urban Economics},673 volume = {49},674 number = {1},675 pages = {32--53},676 year = {2001},677 doi = {10.1006/juec.2000.2180}678}679680@article{carrillo2012search,681 author = {Carrillo, Paul E.},682 title = {{An Empirical Stationary Equilibrium Search Model of the Housing Market}},683 journal = {International Economic Review},684 volume = {53},685 number = {1},686 pages = {203--234},687 year = {2012},688 doi = {10.1111/j.1468-2354.2011.00677.x}689}690691@article{genesove2001lossaversion,692 author = {Genesove, D. and Mayer, C.},693 title = {{Loss Aversion and Seller Behavior: Evidence from the Housing Market}},694 journal = {Quarterly Journal of Economics},695 volume = {116},696 number = {4},697 pages = {1233--1260},698 year = {2001},699 doi = {10.1162/003355301753265561}700}701702@incollection{han2015microstructure,703 author = {Han, Lu and Strange, William C.},704 title = {{The Microstructure of Housing Markets: Search, Bargaining, and Brokerage}},705 booktitle = {Handbook of Regional and Urban Economics},706 editor = {Duranton, Gilles and Henderson, J. Vernon and Strange, William C.},707 pages = {813--886},708 year = {2015},709 publisher = {Elsevier},710 doi = {10.1016/b978-0-444-59531-7.00013-2}711}712713@article{guren2018momentum,714 author = {Guren, Adam M.},715 title = {{House Price Momentum and Strategic Complementarity}},716 journal = {Journal of Political Economy},717 volume = {126},718 number = {3},719 pages = {1172--1218},720 year = {2018},721 doi = {10.1086/697207}722}723724@article{anenberg2016frictions,725 author = {Anenberg, Elliot},726 title = {{Information Frictions and Housing Market Dynamics}},727 journal = {International Economic Review},728 volume = {57},729 number = {4},730 pages = {1449--1479},731 year = {2016},732 doi = {10.1111/iere.12204}733}734735@article{head2014searchliquidity,736 author = {Head, Allen and Lloyd-Ellis, Huw and Sun, Hongfei},737 title = {{Search, Liquidity, and the Dynamics of House Prices and Construction}},738 journal = {American Economic Review},739 volume = {104},740 number = {4},741 pages = {1172--1210},742 year = {2014},743 doi = {10.1257/aer.104.4.1172}744}745746@article{ngai2014hotcold,747 author = {Ngai, L. Rachel and Tenreyro, Silvana},748 title = {{Hot and Cold Seasons in the Housing Market}},749 journal = {American Economic Review},750 volume = {104},751 number = {12},752 pages = {3991--4026},753 year = {2014},754 doi = {10.1257/aer.104.12.3991}755}756757@article{piazzesi2020segmented,758 author = {Piazzesi, Monika and Schneider, Martin and Stroebel, Johannes},759 title = {{Segmented Housing Search}},760 journal = {American Economic Review},761 volume = {110},762 number = {3},763 pages = {720--759},764 year = {2020},765 doi = {10.1257/aer.20141772}766}767768@article{wheaton1990vacancy,769 author = {Wheaton, William C.},770 title = {{Vacancy, Search, and Prices in a Housing Market Matching Model}},771 journal = {Journal of Political Economy},772 volume = {98},773 number = {6},774 pages = {1270--1292},775 year = {1990},776 doi = {10.1086/261734}777}778779@article{gavazza2011frictions,780 author = {Gavazza, Alessandro},781 title = {{The Role of Trading Frictions in Real Asset Markets}},782 journal = {American Economic Review},783 volume = {101},784 number = {4},785 pages = {1106--1143},786 year = {2011},787 doi = {10.1257/aer.101.4.1106}788}789790@article{gavazza2016decentralized,791 author = {Gavazza, Alessandro},792 title = {{An Empirical Equilibrium Model of a Decentralized Asset Market}},793 journal = {Econometrica},794 volume = {84},795 number = {5},796 pages = {1755--1798},797 year = {2016},798 doi = {10.3982/ECTA10847}799}800801@article{salz2022intermediation,802 author = {Salz, Tobias},803 title = {{Intermediation and Competition in Search Markets: An Empirical Case Study}},804 journal = {Journal of Political Economy},805 volume = {130},806 number = {2},807 pages = {310--345},808 year = {2022},809 doi = {10.1086/717349}810}811812@article{cox1972regression,813 author = {Cox, D. R.},814 title = {{Regression Models and Life-Tables}},815 journal = {Journal of the Royal Statistical Society Series B: Statistical Methodology},816 volume = {34},817 number = {2},818 pages = {187--202},819 year = {1972},820 doi = {10.1111/j.2517-6161.1972.tb00899.x}821}822823@book{kalbfleisch2002statistical,824 author = {Kalbfleisch, John D. and Prentice, Ross L.},825 title = {The Statistical Analysis of Failure Time Data},826 year = {2002},827 publisher = {Wiley},828 doi = {10.1002/9781118032985}829}830831@article{fine1999proportional,832 author = {Fine, Jason P. and Gray, Robert J.},833 title = {{A Proportional Hazards Model for the Subdistribution of a Competing Risk}},834 journal = {Journal of the American Statistical Association},835 volume = {94},836 number = {446},837 pages = {496--509},838 year = {1999},839 doi = {10.1080/01621459.1999.10474144}840}841842@article{grambsch1994proportional,843 author = {Grambsch, Patricia M. and Therneau, Terry M.},844 title = {{Proportional hazards tests and diagnostics based on weighted residuals}},845 journal = {Biometrika},846 volume = {81},847 number = {3},848 pages = {515--526},849 year = {1994},850 doi = {10.1093/biomet/81.3.515}851}852853@article{allison1982discrete,854 author = {Allison, Paul D.},855 title = {{Discrete-Time Methods for the Analysis of Event Histories}},856 journal = {Sociological Methodology},857 volume = {13},858 pages = {61},859 year = {1982},860 doi = {10.2307/270718}861}862863@article{singer1993discrete,864 author = {Singer, Judith D. and Willett, John B.},865 title = {{It's About Time: Using Discrete-Time Survival Analysis to Study Duration and the Timing of Events}},866 journal = {Journal of Educational Statistics},867 volume = {18},868 number = {2},869 pages = {155--195},870 year = {1993},871 doi = {10.3102/10769986018002155}872}873874@article{andersen1982cox,875 author = {Andersen, P. K. and Gill, R. D.},876 title = {{Cox's Regression Model for Counting Processes: A Large Sample Study}},877 journal = {Annals of Statistics},878 volume = {10},879 number = {4},880 pages = {1100--1120},881 year = {1982},882 doi = {10.1214/aos/1176345976}883}884885@article{prentice1981regression,886 author = {Prentice, R. L. and Williams, B. J. and Peterson, A. V.},887 title = {{On the regression analysis of multivariate failure time data}},888 journal = {Biometrika},889 volume = {68},890 number = {2},891 pages = {373--379},892 year = {1981},893 doi = {10.1093/biomet/68.2.373}894}895896@article{royston2002flexible,897 author = {Royston, Patrick and Parmar, Mahesh K. B.},898 title = {{Flexible parametric proportional-hazards and proportional-odds models for censored survival data, with application to prognostic modelling and estimation of treatment effects}},899 journal = {Statistics in Medicine},900 volume = {21},901 number = {15},902 pages = {2175--2197},903 year = {2002},904 doi = {10.1002/sim.1203}905}906907@article{lin1989robust,908 author = {Lin, D. Y. and Wei, L. J.},909 title = {{The Robust Inference for the Cox Proportional Hazards Model}},910 journal = {Journal of the American Statistical Association},911 volume = {84},912 number = {408},913 pages = {1074--1078},914 year = {1989},915 doi = {10.1080/01621459.1989.10478874}916}917918@article{turnbull1976empirical,919 author = {Turnbull, Bruce W.},920 title = {{The Empirical Distribution Function with Arbitrarily Grouped, Censored and Truncated Data}},921 journal = {Journal of the Royal Statistical Society Series B: Statistical Methodology},922 volume = {38},923 number = {3},924 pages = {290--295},925 year = {1976},926 doi = {10.1111/j.2517-6161.1976.tb01597.x}927}928929@article{kaplan1958nonparametric,930 author = {Kaplan, E. L. and Meier, Paul},931 title = {{Nonparametric Estimation from Incomplete Observations}},932 journal = {Journal of the American Statistical Association},933 volume = {53},934 number = {282},935 pages = {457--481},936 year = {1958},937 doi = {10.1080/01621459.1958.10501452}938}939940@book{lancaster1990econometric,941 author = {Lancaster, Tony},942 title = {The Econometric Analysis of Transition Data},943 year = {1990},944 publisher = {Cambridge University Press},945 doi = {10.1017/CCOL0521265967}946}947948@article{heckman1984method,949 author = {Heckman, J. and Singer, B.},950 title = {{A Method for Minimizing the Impact of Distributional Assumptions in Econometric Models for Duration Data}},951 journal = {Econometrica},952 volume = {52},953 number = {2},954 pages = {271},955 year = {1984},956 doi = {10.2307/1911491}957}958959@article{putter2007tutorial,960 author = {Putter, H. and Fiocco, M. and Geskus, R. B.},961 title = {{Tutorial in biostatistics: competing risks and multi-state models}},962 journal = {Statistics in Medicine},963 volume = {26},964 number = {11},965 pages = {2389--2430},966 year = {2007},967 doi = {10.1002/sim.2712}968}969970@book{therneau2000modeling,971 author = {Therneau, Terry M. and Grambsch, Patricia M.},972 title = {Modeling Survival Data: Extending the Cox Model},973 year = {2000},974 publisher = {Springer New York},975 doi = {10.1007/978-1-4757-3294-8}976}977978@article{hotelling1929stability,979 author = {Hotelling, Harold},980 title = {{Stability in Competition}},981 journal = {Economic Journal},982 volume = {39},983 number = {153},984 pages = {41},985 year = {1929},986 doi = {10.2307/2224214}987}988989@article{salop1979monopolistic,990 author = {Salop, Steven C.},991 title = {{Monopolistic Competition with Outside Goods}},992 journal = {Bell Journal of Economics},993 volume = {10},994 number = {1},995 pages = {141},996 year = {1979},997 doi = {10.2307/3003323}998}9991000@article{bresnahan1991entry,1001 author = {Bresnahan, Timothy F. and Reiss, Peter C.},1002 title = {{Entry and Competition in Concentrated Markets}},1003 journal = {Journal of Political Economy},1004 volume = {99},1005 number = {5},1006 pages = {977--1009},1007 year = {1991},1008 doi = {10.1086/261786}1009}10101011@article{pinkse2002spatial,1012 author = {Pinkse, Joris and Slade, Margaret E. and Brett, Craig},1013 title = {{Spatial Price Competition: A Semiparametric Approach}},1014 journal = {Econometrica},1015 volume = {70},1016 number = {3},1017 pages = {1111--1153},1018 year = {2002},1019 doi = {10.1111/1468-0262.00320}1020}10211022@article{houde2012spatial,1023 author = {Houde, Jean-Fran{\c{c}}ois},1024 title = {{Spatial Differentiation and Vertical Mergers in Retail Markets for Gasoline}},1025 journal = {American Economic Review},1026 volume = {102},1027 number = {5},1028 pages = {2147--2182},1029 year = {2012},1030 doi = {10.1257/aer.102.5.2147}1031}10321033@article{gorodnichenko2009border,1034 author = {Gorodnichenko, Yuriy and Tesar, Linda L},1035 title = {{Border Effect or Country Effect? Seattle May Not Be so Far from Vancouver After All}},1036 journal = {American Economic Journal: Macroeconomics},1037 volume = {1},1038 number = {1},1039 pages = {219--241},1040 year = {2009},1041 doi = {10.1257/mac.1.1.219}1042}10431044@book{anselin1988spatial,1045 author = {Anselin, Luc},1046 title = {Spatial Econometrics: Methods and Models},1047 year = {1988},1048 publisher = {Springer Netherlands},1049 doi = {10.1007/978-94-015-7799-1}1050}10511052@book{lesage2009introduction,1053 author = {LeSage, James and Pace, Robert Kelley},1054 title = {Introduction to Spatial Econometrics},1055 year = {2009},1056 publisher = {Chapman and Hall/CRC},1057 doi = {10.1201/9781420064254}1058}10591060@article{conley1999gmm,1061 author = {Conley, T.G.},1062 title = {{GMM estimation with cross sectional dependence}},1063 journal = {Journal of Econometrics},1064 volume = {92},1065 number = {1},1066 pages = {1--45},1067 year = {1999},1068 doi = {10.1016/S0304-4076(98)00084-0}1069}10701071@book{elhorst2014spatial,1072 author = {Elhorst, J. Paul},1073 title = {Spatial Econometrics},1074 year = {2014},1075 publisher = {Springer Berlin Heidelberg},1076 doi = {10.1007/978-3-642-40340-8}1077}10781079@article{ceglowski2003lawofoneprice,1080 author = {Ceglowski, Janet},1081 title = {{The law of one price: intranational evidence for Canada}},1082 journal = {Canadian Journal of Economics},1083 volume = {36},1084 number = {2},1085 pages = {373--400},1086 year = {2003},1087 doi = {10.1111/1540-5982.t01-1-00005}1088}10891090@article{kalnins2003hamburger,1091 author = {Kalnins, Arturs},1092 title = {{Hamburger Prices and Spatial Econometrics}},1093 journal = {Journal of Economics \& Management Strategy},1094 volume = {12},1095 number = {4},1096 pages = {591--616},1097 year = {2003},1098 doi = {10.1111/j.1430-9134.2003.00591.x}1099}11001101@article{slade1992vancouver,1102 author = {Slade, Margaret E.},1103 title = {{Vancouver's Gasoline-Price Wars: An Empirical Exercise in Uncovering Supergame Strategies}},1104 journal = {Review of Economic Studies},1105 volume = {59},1106 number = {2},1107 pages = {257},1108 year = {1992},1109 doi = {10.2307/2297954}1110}11111112@article{lewis2008dispersion,1113 author = {Lewis, Matthew},1114 title = {{Price Dispersion and Competition with Differentiated Sellers}},1115 journal = {Journal of Industrial Economics},1116 volume = {56},1117 number = {3},1118 pages = {654--678},1119 year = {2008},1120 doi = {10.1111/j.1467-6451.2008.00348.x}1121}11221123@article{manski1993reflection,1124 author = {Manski, Charles F.},1125 title = {{Identification of Endogenous Social Effects: The Reflection Problem}},1126 journal = {Review of Economic Studies},1127 volume = {60},1128 number = {3},1129 pages = {531},1130 year = {1993},1131 doi = {10.2307/2298123}1132}11331134@article{brock2001discrete,1135 author = {Brock, W. A. and Durlauf, S. N.},1136 title = {{Discrete Choice with Social Interactions}},1137 journal = {Review of Economic Studies},1138 volume = {68},1139 number = {2},1140 pages = {235--260},1141 year = {2001},1142 doi = {10.1111/1467-937X.00168}1143}11441145@article{bramoulle2009peer,1146 author = {Bramoull{\'e}, Yann and Djebbari, Habiba and Fortin, Bernard},1147 title = {{Identification of peer effects through social networks}},1148 journal = {Journal of Econometrics},1149 volume = {150},1150 number = {1},1151 pages = {41--55},1152 year = {2009},1153 doi = {10.1016/j.jeconom.2008.12.021}1154}11551156@article{angrist2014perils,1157 author = {Angrist, Joshua D.},1158 title = {{The perils of peer effects}},1159 journal = {Labour Economics},1160 volume = {30},1161 pages = {98--108},1162 year = {2014},1163 doi = {10.1016/j.labeco.2014.05.008}1164}11651166@incollection{blume2011identification,1167 author = {Blume, Lawrence E. and Brock, William A. and Durlauf, Steven N. and Ioannides, Yannis M.},1168 title = {{Identification of Social Interactions}},1169 booktitle = {Handbook of Social Economics},1170 editor = {Benhabib, Jess and Bisin, Alberto and Jackson, Matthew O.},1171 volume = {1},1172 pages = {853--964},1173 year = {2011},1174 publisher = {North-Holland},1175 doi = {10.1016/b978-0-444-53707-2.00001-3}1176}11771178@article{bajari2010static,1179 author = {Bajari, Patrick and Hong, Han and Krainer, John and Nekipelov, Denis},1180 title = {{Estimating Static Models of Strategic Interactions}},1181 journal = {Journal of Business \& Economic Statistics},1182 volume = {28},1183 number = {4},1184 pages = {469--482},1185 year = {2010},1186 doi = {10.1198/jbes.2009.07264}1187}11881189@article{sun2021estimating,1190 author = {Sun, Liyang and Abraham, Sarah},1191 title = {{Estimating dynamic treatment effects in event studies with heterogeneous treatment effects}},1192 journal = {Journal of Econometrics},1193 volume = {225},1194 number = {2},1195 pages = {175--199},1196 year = {2021},1197 doi = {10.1016/j.jeconom.2020.09.006}1198}11991200@article{callaway2021difference,1201 author = {Callaway, Brantly and Sant'Anna, Pedro H. C.},1202 title = {{Difference-in-Differences with multiple time periods}},1203 journal = {Journal of Econometrics},1204 volume = {225},1205 number = {2},1206 pages = {200--230},1207 year = {2021},1208 doi = {10.1016/j.jeconom.2020.12.001}1209}12101211@article{borusyak2024revisiting,1212 author = {Borusyak, Kirill and Jaravel, Xavier and Spiess, Jann},1213 title = {{Revisiting Event-Study Designs: Robust and Efficient Estimation}},1214 journal = {Review of Economic Studies},1215 volume = {91},1216 number = {6},1217 pages = {3253--3285},1218 year = {2024},1219 doi = {10.1093/restud/rdae007}1220}12211222@article{goodmanbacon2021difference,1223 author = {Goodman-Bacon, Andrew},1224 title = {{Difference-in-differences with variation in treatment timing}},1225 journal = {Journal of Econometrics},1226 volume = {225},1227 number = {2},1228 pages = {254--277},1229 year = {2021},1230 doi = {10.1016/j.jeconom.2021.03.014}1231}12321233@article{dechaisemartin2020twoway,1234 author = {de Chaisemartin, Cl{\'e}ment and D'Haultf{\oe}uille, Xavier},1235 title = {{Two-Way Fixed Effects Estimators with Heterogeneous Treatment Effects}},1236 journal = {American Economic Review},1237 volume = {110},1238 number = {9},1239 pages = {2964--2996},1240 year = {2020},1241 doi = {10.1257/aer.20181169}1242}12431244@article{roth2022pretest,1245 author = {Roth, Jonathan},1246 title = {{Pretest with Caution: Event-Study Estimates after Testing for Parallel Trends}},1247 journal = {American Economic Review: Insights},1248 volume = {4},1249 number = {3},1250 pages = {305--322},1251 year = {2022},1252 doi = {10.1257/aeri.20210236}1253}12541255@article{rambachan2023credible,1256 author = {Rambachan, Ashesh and Roth, Jonathan},1257 title = {{A More Credible Approach to Parallel Trends}},1258 journal = {Review of Economic Studies},1259 volume = {90},1260 number = {5},1261 pages = {2555--2591},1262 year = {2023},1263 doi = {10.1093/restud/rdad018}1264}12651266@article{roth2023trending,1267 author = {Roth, Jonathan and Sant'Anna, Pedro H. C. and Bilinski, Alyssa and Poe, John},1268 title = {{What's trending in difference-in-differences? A synthesis of the recent econometrics literature}},1269 journal = {Journal of Econometrics},1270 volume = {235},1271 number = {2},1272 pages = {2218--2244},1273 year = {2023},1274 doi = {10.1016/j.jeconom.2023.03.008}1275}12761277@article{cameron2008bootstrap,1278 author = {Cameron, A. Colin and Gelbach, Jonah B. and Miller, Douglas L.},1279 title = {{Bootstrap-Based Improvements for Inference with Clustered Errors}},1280 journal = {Review of Economics and Statistics},1281 volume = {90},1282 number = {3},1283 pages = {414--427},1284 year = {2008},1285 doi = {10.1162/rest.90.3.414}1286}12871288@article{cameron2011multiway,1289 author = {Cameron, A. Colin and Gelbach, Jonah B. and Miller, Douglas L.},1290 title = {{Robust Inference With Multiway Clustering}},1291 journal = {Journal of Business \& Economic Statistics},1292 volume = {29},1293 number = {2},1294 pages = {238--249},1295 year = {2011},1296 doi = {10.1198/jbes.2010.07136}1297}12981299@article{abadie2023clustering,1300 author = {Abadie, Alberto and Athey, Susan and Imbens, Guido W and Wooldridge, Jeffrey M},1301 title = {{When Should You Adjust Standard Errors for Clustering?}},1302 journal = {Quarterly Journal of Economics},1303 volume = {138},1304 number = {1},1305 pages = {1--35},1306 year = {2023},1307 doi = {10.1093/qje/qjac038}1308}13091310@article{bertrand2004howmuch,1311 author = {Bertrand, M. and Duflo, E. and Mullainathan, S.},1312 title = {{How Much Should We Trust Differences-In-Differences Estimates?}},1313 journal = {Quarterly Journal of Economics},1314 volume = {119},1315 number = {1},1316 pages = {249--275},1317 year = {2004},1318 doi = {10.1162/003355304772839588}1319}13201321@article{chandra2011gasoline,1322 author = {Chandra, Ambarish and Tappata, Mariano},1323 title = {{Consumer search and dynamic price dispersion: an application to gasoline markets}},1324 journal = {RAND Journal of Economics},1325 volume = {42},1326 number = {4},1327 pages = {681--704},1328 year = {2011},1329 doi = {10.1111/j.1756-2171.2011.00150.x}1330}13311332@article{byrne2019coordinate,1333 author = {Byrne, David P. and de Roos, Nicolas},1334 title = {{Learning to Coordinate: A Study in Retail Gasoline}},1335 journal = {American Economic Review},1336 volume = {109},1337 number = {2},1338 pages = {591--619},1339 year = {2019},1340 doi = {10.1257/aer.20170116}1341}13421343@article{assad2024algorithmic,1344 author = {Assad, Stephanie and Clark, Robert and Ershov, Daniel and Xu, Lei},1345 title = {{Algorithmic Pricing and Competition: Empirical Evidence from the German Retail Gasoline Market}},1346 journal = {Journal of Political Economy},1347 volume = {132},1348 number = {3},1349 pages = {723--771},1350 year = {2024},1351 doi = {10.1086/726906}1352}13531354@article{bailey1963repeatsales,1355 author = {Bailey, Martin J. and Muth, Richard F. and Nourse, Hugh O.},1356 title = {{A Regression Method for Real Estate Price Index Construction}},1357 journal = {Journal of the American Statistical Association},1358 volume = {58},1359 number = {304},1360 pages = {933--942},1361 year = {1963},1362 doi = {10.1080/01621459.1963.10480679}1363}13641365@article{han2016askingprice,1366 author = {Han, Lu and Strange, William C.},1367 title = {{What is the role of the asking price for a house?}},1368 journal = {Journal of Urban Economics},1369 volume = {93},1370 pages = {115--130},1371 year = {2016},1372 doi = {10.1016/j.jue.2016.03.008}1373}13741375@article{anenberg2017timely,1376 author = {Anenberg, Elliot and Laufer, Steven},1377 title = {{A More Timely House Price Index}},1378 journal = {Review of Economics and Statistics},1379 volume = {99},1380 number = {4},1381 pages = {722--734},1382 year = {2017},1383 doi = {10.1162/REST_a_00634}1384}13851386@article{lyons2019listprices,1387 author = {Lyons, Ronan C.},1388 title = {{Can list prices accurately capture housing price trends? Insights from extreme markets conditions}},1389 journal = {Finance Research Letters},1390 volume = {30},1391 pages = {228--232},1392 year = {2019},1393 doi = {10.1016/j.frl.2018.10.004}1394}13951396@article{kurlat2015asymmetries,1397 author = {Kurlat, Pablo and Stroebel, Johannes},1398 title = {{Testing for Information Asymmetries in Real Estate Markets}},1399 journal = {Review of Financial Studies},1400 volume = {28},1401 number = {8},1402 pages = {2429--2461},1403 year = {2015},1404 doi = {10.1093/rfs/hhv028}1405}14061407@article{gatzlaff1997selection,1408 author = {Gatzlaff, Dean H. and Haurin, Donald R.},1409 title = {{Sample Selection Bias and Repeat-Sales Index Estimates}},1410 journal = {Journal of Real Estate Finance and Economics},1411 volume = {14},1412 number = {1-2},1413 pages = {33--50},1414 year = {1997},1415 doi = {10.1023/a:1007763816289}1416}14171418@article{knight2002listing,1419 author = {Knight, John R.},1420 title = {{Listing Price, Time on Market, and Ultimate Selling Price: Causes and Effects of Listing Price Changes}},1421 journal = {Real Estate Economics},1422 volume = {30},1423 number = {2},1424 pages = {213--237},1425 year = {2002},1426 doi = {10.1111/1540-6229.00038}1427}14281429@article{horowitz1992listprice,1430 author = {Horowitz, Joel L.},1431 title = {{The role of the list price in housing markets: Theory and an econometric model}},1432 journal = {Journal of Applied Econometrics},1433 volume = {7},1434 number = {2},1435 pages = {115--129},1436 year = {1992},1437 doi = {10.1002/jae.3950070202}1438}14391440@article{haurin2010listprices,1441 author = {Haurin, Donald R. and Haurin, Jessica L. and Nadauld, Taylor and Sanders, Anthony},1442 title = {{List Prices, Sale Prices and Marketing Time: An Application to U.S. Housing Markets}},1443 journal = {Real Estate Economics},1444 volume = {38},1445 number = {4},1446 pages = {659--685},1447 year = {2010},1448 doi = {10.1111/j.1540-6229.2010.00279.x}1449}14501451@article{anglin2003tradeoff,1452 author = {Anglin, Paul M. and Rutherford, Ronald and Springer, Thomas M.},1453 title = {{The Trade-off Between the Selling Price of Residential Properties and Time-on-the-Market: The Impact of Price Setting}},1454 journal = {Journal of Real Estate Finance and Economics},1455 volume = {26},1456 number = {1},1457 pages = {95--111},1458 year = {2003},1459 doi = {10.1023/a:1021526332732}1460}14611462@article{bils2009quality,1463 author = {Bils, Mark},1464 title = {{Do Higher Prices for New Goods Reflect Quality Growth or Inflation?*}},1465 journal = {Quarterly Journal of Economics},1466 volume = {124},1467 number = {2},1468 pages = {637--675},1469 year = {2009},1470 doi = {10.1162/qjec.2009.124.2.637}1471}14721473@article{hill2013hedonic,1474 author = {Hill, Robert J.},1475 title = {{Hedonic Price Indexes for Residential Housing: A Survey, Evaluation and Taxonomy}},1476 journal = {Journal of Economic Surveys},1477 volume = {27},1478 number = {5},1479 pages = {879--914},1480 year = {2012},1481 doi = {10.1111/j.1467-6419.2012.00731.x}1482}14831484@article{erickson2011experimental,1485 author = {Erickson, Tim and Pakes, Ariel},1486 title = {{An Experimental Component Index for the CPI: From Annual Computer Data to Monthly Data on Other Goods}},1487 journal = {American Economic Review},1488 volume = {101},1489 number = {5},1490 pages = {1707--1738},1491 year = {2011},1492 doi = {10.1257/aer.101.5.1707}1493}14941495@article{benjamini1995fdr,1496 author = {Benjamini, Yoav and Hochberg, Yosef},1497 title = {{Controlling the False Discovery Rate: A Practical and Powerful Approach to Multiple Testing}},1498 journal = {Journal of the Royal Statistical Society Series B: Statistical Methodology},1499 volume = {57},1500 number = {1},1501 pages = {289--300},1502 year = {1995},1503 doi = {10.1111/j.2517-6161.1995.tb02031.x}1504}15051506@article{romano2005stepwise,1507 author = {Romano, Joseph P. and Wolf, Michael},1508 title = {{Stepwise Multiple Testing as Formalized Data Snooping}},1509 journal = {Econometrica},1510 volume = {73},1511 number = {4},1512 pages = {1237--1282},1513 year = {2005},1514 doi = {10.1111/j.1468-0262.2005.00615.x}1515}15161517@article{diebold1995comparing,1518 author = {Diebold, Francis X. and Mariano, Roberto S.},1519 title = {{Comparing Predictive Accuracy}},1520 journal = {Journal of Business \& Economic Statistics},1521 volume = {13},1522 number = {3},1523 pages = {253--263},1524 year = {1995},1525 doi = {10.1080/07350015.1995.10524599}1526}15271528@article{giacomini2006tests,1529 author = {Giacomini, Raffaella and White, Halbert},1530 title = {{Tests of Conditional Predictive Ability}},1531 journal = {Econometrica},1532 volume = {74},1533 number = {6},1534 pages = {1545--1578},1535 year = {2006},1536 doi = {10.1111/j.1468-0262.2006.00718.x}1537}15381539@article{brier1950verification,1540 author = {Brier, Glenn W.},1541 title = {{Verification of Forecasts Expressed in Terms of Probability}},1542 journal = {Monthly Weather Review},1543 volume = {78},1544 number = {1},1545 pages = {1--3},1546 year = {1950},1547 doi = {10.1175/1520-0493(1950)078<0001:VOFEIT>2.0.CO;2}1548}15491550@article{friedman2001greedy,1551 author = {Friedman, Jerome H.},1552 title = {{Greedy function approximation: A gradient boosting machine.}},1553 journal = {Annals of Statistics},1554 volume = {29},1555 number = {5},1556 pages = {1189--1232},1557 year = {2001},1558 doi = {10.1214/aos/1013203451}1559}15601561@article{athey2019machine,1562 author = {Athey, Susan and Imbens, Guido W.},1563 title = {{Machine Learning Methods That Economists Should Know About}},1564 journal = {Annual Review of Economics},1565 volume = {11},1566 number = {1},1567 pages = {685--725},1568 year = {2019},1569 doi = {10.1146/annurev-economics-080217-053433}1570}15711572@article{mullainathan2017machine,1573 author = {Mullainathan, Sendhil and Spiess, Jann},1574 title = {{Machine Learning: An Applied Econometric Approach}},1575 journal = {Journal of Economic Perspectives},1576 volume = {31},1577 number = {2},1578 pages = {87--106},1579 year = {2017},1580 doi = {10.1257/jep.31.2.87}1581}15821583@book{harrell2015regression,1584 author = {Harrell, Frank E.},1585 title = {Regression Modeling Strategies},1586 year = {2015},1587 publisher = {Springer International Publishing},1588 doi = {10.1007/978-3-319-19425-7}1589}15901591@article{uno2011cstatistics,1592 author = {Uno, Hajime and Cai, Tianxi and Pencina, Michael J. and D'Agostino, Ralph B. and Wei, L. J.},1593 title = {{On the C-statistics for evaluating overall adequacy of risk prediction procedures with censored survival data}},1594 journal = {Statistics in Medicine},1595 volume = {30},1596 number = {10},1597 pages = {1105--1117},1598 year = {2011},1599 doi = {10.1002/sim.4154}1600}16011602@article{graf1999assessment,1603 author = {Graf, Erika and Schmoor, Claudia and Sauerbrei, Willi and Schumacher, Martin},1604 title = {{Assessment and comparison of prognostic classification schemes for survival data}},1605 journal = {Statistics in Medicine},1606 volume = {18},1607 number = {17-18},1608 pages = {2529--2545},1609 year = {1999},1610 doi = {10.1002/(SICI)1097-0258(19990915/30)18:17/18<2529::AID-SIM274>3.0.CO;2-5}1611}16121613@incollection{court1939hedonic,1614 author = {Court, Andrew T.},1615 title = {{Hedonic Price Indexes with Automotive Examples}},1616 booktitle = {The Dynamics of Automobile Demand},1617 publisher = {General Motors Corporation},1618 address = {New York},1619 year = {1939},1620 url = {https://allengoodman.wayne.edu/Research/PUBS/Court_Hedonic.pdf},1621 note = {Scan hosted by A. C. Goodman (Wayne State University); see also Goodman (1998)}1622}16231624@incollection{griliches1961hedonic,1625 author = {Griliches, Zvi},1626 title = {{Hedonic Price Indexes for Automobiles: An Econometric Analysis of Quality Change}},1627 booktitle = {The Price Statistics of the Federal Government},1628 editor = {{Price Statistics Review Committee}},1629 publisher = {National Bureau of Economic Research},1630 address = {New York},1631 year = {1961},1632 url = {https://www.nber.org/chapters/c6492}1633}16341635@incollection{ohta1976automobile,1636 author = {Ohta, Makoto and Griliches, Zvi},1637 title = {{Automobile Prices Revisited: Extensions of the Hedonic Hypothesis}},1638 booktitle = {Household Production and Consumption},1639 editor = {Terleckyj, Nestor E.},1640 publisher = {National Bureau of Economic Research},1641 year = {1976},1642 url = {https://www.nber.org/books-and-chapters/household-production-and-consumption/automobile-prices-revisited-extensions-hedonic-hypothesis}1643}16441645@article{kim1985lemons,1646 author = {Kim, Jae-Cheol},1647 title = {{The Market for ``Lemons'' Reconsidered: A Model of the Used Car Market with Asymmetric Information}},1648 journal = {American Economic Review},1649 volume = {75},1650 number = {4},1651 pages = {836--843},1652 year = {1985},1653 url = {https://ideas.repec.org/a/aea/aecrev/v75y1985i4p836-43.html}1654}16551656@article{bond1982lemons,1657 author = {Bond, Eric W.},1658 title = {{A Direct Test of the ``Lemons'' Model: The Market for Used Pickup Trucks}},1659 journal = {American Economic Review},1660 volume = {72},1661 number = {4},1662 pages = {836--840},1663 year = {1982},1664 url = {https://ideas.repec.org/a/aea/aecrev/v72y1982i4p836-40.html}1665}16661667@article{lazear1986clearance,1668 author = {Lazear, Edward P.},1669 title = {{Retail Pricing and Clearance Sales}},1670 journal = {American Economic Review},1671 volume = {76},1672 number = {1},1673 pages = {14--32},1674 year = {1986},1675 url = {https://ideas.repec.org/a/aea/aecrev/v76y1986i1p14-32.html}1676}16771678@article{varian1980sales,1679 author = {Varian, Hal R.},1680 title = {{A Model of Sales}},1681 journal = {American Economic Review},1682 volume = {70},1683 number = {4},1684 pages = {651--659},1685 year = {1980},1686 url = {https://ideas.repec.org/a/aea/aecrev/v70y1980i4p651-59.html}1687}16881689@article{engel1996border,1690 author = {Engel, Charles and Rogers, John H.},1691 title = {{How Wide Is the Border?}},1692 journal = {American Economic Review},1693 volume = {86},1694 number = {5},1695 pages = {1112--1125},1696 year = {1996},1697 url = {https://ideas.repec.org/a/aea/aecrev/v86y1996i5p1112-25.html}1698}16991700@article{caseshiller1989efficiency,1701 author = {Case, Karl E. and Shiller, Robert J.},1702 title = {{The Efficiency of the Market for Single-Family Homes}},1703 journal = {American Economic Review},1704 volume = {79},1705 number = {1},1706 pages = {125--137},1707 year = {1989},1708 url = {https://ideas.repec.org/a/aea/aecrev/v79y1989i1p125-37.html}1709}17101711@article{kiefer1988duration,1712 author = {Kiefer, Nicholas M.},1713 title = {{Economic Duration Data and Hazard Functions}},1714 journal = {Journal of Economic Literature},1715 volume = {26},1716 number = {2},1717 pages = {646--679},1718 year = {1988},1719 url = {https://ideas.repec.org/a/aea/jeclit/v26y1988i2p646-79.html}1720}17211722@article{genesove1997equity,1723 author = {Genesove, David and Mayer, Christopher J.},1724 title = {{Equity and Time to Sale in the Real Estate Market}},1725 journal = {American Economic Review},1726 volume = {87},1727 number = {3},1728 pages = {255--269},1729 year = {1997},1730 url = {https://ideas.repec.org/a/aea/aecrev/v87y1997i3p255-69.html}1731}17321733@inproceedings{ke2017lightgbm,1734 author = {Ke, Guolin and Meng, Qi and Finley, Thomas and Wang, Taifeng and Chen, Wei and Ma, Weidong and Ye, Qiwei and Liu, Tie-Yan},1735 title = {{LightGBM: A Highly Efficient Gradient Boosting Decision Tree}},1736 booktitle = {Advances in Neural Information Processing Systems 30 (NIPS 2017)},1737 year = {2017},1738 url = {https://proceedings.neurips.cc/paper/2017/hash/6449f44a102fde848669bdd9eb6b76fa-Abstract.html}1739}17401741@inproceedings{lundberg2017shap,1742 author = {Lundberg, Scott M. and Lee, Su-In},1743 title = {{A Unified Approach to Interpreting Model Predictions}},1744 booktitle = {Advances in Neural Information Processing Systems 30 (NIPS 2017)},1745 year = {2017},1746 url = {https://proceedings.neurips.cc/paper/2017/hash/8a20a8621978632d76c43dfd28b67767-Abstract.html}1747}17481749@inproceedings{yanes2010depreciation,1750 author = {Yanes, Ana},1751 title = {{Depreciation of Light Duty Road Vehicles: Evidence from the Canadian Red Book}},1752 booktitle = {Proceedings of the 45th Annual Conference of the Canadian Transportation Research Forum},1753 address = {Toronto},1754 year = {2010},1755 url = {https://ctrf.ca/wp-content/uploads/2014/07/47YanesDepreciationofLightDutyRoad.pdf},1756 note = {Transport Canada}1757}17581759@techreport{statcan2022usedvehicles,1760 author = {Taylor, Lance and Mitchell, Taylor and O'Donnell, Gerry},1761 title = {{Measuring Price Change for Used Vehicles in the Canadian Consumer Price Index}},1762 institution = {Statistics Canada},1763 type = {Prices Analytical Series},1764 number = {62F0014M2022008},1765 year = {2022},1766 url = {https://www150.statcan.gc.ca/n1/pub/62f0014m/62f0014m2022008-eng.htm}1767}17681769@misc{bls2026usedcars,1770 author = {{U.S. Bureau of Labor Statistics}},1771 title = {{Consumer Price Index Factsheet: Used Cars and Trucks}},1772 year = {2026},1773 howpublished = {Factsheet, last modified 20 May 2026},1774 url = {https://www.bls.gov/cpi/factsheets/used-cars-and-trucks.htm}1775}17761777@misc{manheim2023methodology,1778 author = {{Manheim Consulting (Cox Automotive)}},1779 title = {{Summary Methodology for Manheim Used Vehicle Value Index}},1780 year = {2023},1781 howpublished = {Technical note, January 2023 rebasing},1782 url = {https://site.manheim.com/wp-content/uploads/sites/2/2023/07/Used-Vehicle-Summary-Methodology.pdf}1783}17841785@misc{cox2022dayssupply,1786 author = {{Cox Automotive}},1787 title = {{Used-Vehicle Days' Supply Breaks 50; Average Listing Price Surpasses \$28,000}},1788 year = {2022},1789 howpublished = {Market Insights, 20 January 2022 (revised 17 February 2022)},1790 url = {https://www.coxautoinc.com/market-insights/used-vehicle-days-supply/}1791}17921793@misc{cbb2026index,1794 author = {{Canadian Black Book}},1795 title = {{Used Vehicle Retention Index}},1796 year = {2026},1797 howpublished = {Web page, accessed 1 November 2026},1798 url = {https://www.canadianblackbook.com/black-book-index/}1799}18001801@techreport{cbb2026depreciation,1802 author = {{Canadian Black Book and Fitch Ratings}},1803 title = {{Vehicle Depreciation Report 2026}},1804 institution = {Canadian Black Book},1805 year = {2026},1806 url = {https://www.canadianblackbook.com/wp-content/uploads/2026/08/CBB-Fitch-2026-Updated-2.pdf}1807}18081809@misc{autotrader2024priceindex,1810 author = {{AutoTrader.ca}},1811 title = {{AutoTrader Price Index: June 2024}},1812 year = {2024},1813 howpublished = {Editorial report, 22 July 2024},1814 url = {https://www.autotrader.ca/editorial/car-news/autotrader-price-index-june-2024/}1815}18161817@misc{cargurus2026imv,1818 author = {{CarGurus}},1819 title = {{About CarGurus: Instant Market Value}},1820 year = {2026},1821 howpublished = {Web page, accessed 1 November 2026},1822 url = {https://www.cargurus.ca/Cars/aboutCargurus.html}1823}18241825@misc{iseecars2013pricedrops,1826 author = {{iSeeCars.com}},1827 title = {{iSeeCars.com Reveals How Used Car Shoppers Can Get a Better Deal by Waiting}},1828 year = {2013},1829 howpublished = {Study of 30 million used-car listings; press release},1830 url = {https://www.iseecars.com/wait-for-used-car-deals-2013-study}1831}1832