This article develops a short-run general equilibrium model of the automobile market by combining a discrete choice model of consumer automobile demand with simple models of new automobile production and used vehicle scrappage. The theoretical model allows an unlimited degree of heterogeneity of...

The authors describe a model in which rental and owner housing are risky assets, tenure choice is endogenous, and each household is constrained to consume the same amount of owner housing that it has in its investment portfolio. Equilibrium net rates of return are major determinants of the...

In a mean-variance portfolio choice model, each of 3,578 households from the 1983 Survey of Consumer Finances has calculated preferences over housing, other consumption, and risk. Each household is constrained such that any owner-occupied housing in portfolio must match housing services...

We describe a model in which rental and owner housing are risky assets, tenure choice is endogenous, and each household is constrained to consume the same amount of owner housing as it has in its investment portfolio. At each iteration in the search for an equilibrium, we determine the new...

A dynamic programming model of job exit behavior and retirement is constructed and estimated using the method of simulated moments. The model and estimation method allow for both unobserved individual effects and unobserved job-specific "match" effects. The model is estimated using two different...

This paper presents a simulation model of the American automobile market. The simulation model combines a disaggregate model of household automobile number and type choice with an econometric model of used vehicle scrappage and simple models of new car supply. For fixed vehicle designs, consumer...

Abstract We analyze a data set containing rental revenues, maintenance costs, and sale prices of five different types of rental machines to econometrically estimate key relationships needed to implement a dynamic programming model of the optimal timing of replacement of rental equipment owned by...