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The sharing of durable goods in a dynamic ownership economy is attractive, since it has the potential to realize gains from trade via short-term transfers of usage rights. We develop a model in which a set of agents, who are heterogeneous in their likely need of a durable good, make purchase decisions and then have the option to participate in a sharing market contingent on a realized need. The agents'...
This paper considers intermediation in a differentiated short-term housing market where heterogeneous agents may stay at a hotel or at one of several private hosts' properties, below or above hotel quality. The collaborative-housing market fails when agents' hidden actions are noncontractable. If expected liability is not excessive, a trusted intermediary can induce agents to exert first-best effort...
Oilseeds can be processed into biodiesel, a diesel fuel substitute that can be utilized in unmodified diesel engines. A previous study indicated that under very specific conditions, biodiesel can be processed and can compete with standard diesel fuel when produced in community-based plants. Investment in such plants would generate positive macroeconomic effects in communities where they are located...
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