[ { "key": "F7HKABR3", "version": 32, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/F7HKABR3", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/F7HKABR3", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Aizcorbe and Starr-McCluer", "parsedDate": "1997", "numChildren": 0 }, "data": { "key": "F7HKABR3", "version": 32, "itemType": "journalArticle", "title": "Vehicle ownership, purchases, and leasing: consumer survey data", "creators": [ { "creatorType": "author", "firstName": "Ana", "lastName": "Aizcorbe" }, { "creatorType": "author", "firstName": "Martha", "lastName": "Starr-McCluer" } ], "abstractNote": "", "publicationTitle": "Monthly Labor Review", "publisher": "", "place": "", "date": "1997", "volume": "", "issue": "", "section": "", "partNumber": "", "partTitle": "", "pages": "34-40", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "", "DOI": "", "citationKey": "", "url": "http://www.bls.gov/opub/mlr/1997/06/art4full.pdf", "accessDate": "", "PMID": "", "PMCID": "", "ISSN": "", "archive": "", "archiveLocation": "", "shortTitle": "", "language": "", "libraryCatalog": "", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-24T18:01:19Z", "dateModified": "2014-06-24T18:04:08Z" } }, { "key": "GCRNU887", "version": 28, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/GCRNU887", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/GCRNU887", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Chambers et al.", "parsedDate": "2008", "numChildren": 0 }, "data": { "key": "GCRNU887", "version": 28, "itemType": "journalArticle", "title": "Mortage innovation, mortgage choice, and housing decisions", "creators": [ { "creatorType": "author", "firstName": "Matthew S.", "lastName": "Chambers" }, { "creatorType": "author", "firstName": "Carlos", "lastName": "Garriga" }, { "creatorType": "author", "firstName": "Don", "lastName": "Schlagenhauf" } ], "abstractNote": "This paper examines some of the more recent mortgage products now available to borrowers. The authors describe how these products differ across important characteristics, such as the down\npayment requirement, repayment structure, and amortization schedule. The paper also presents a model with the potential to analyze the implications for various mortgage contracts for individual households, as well as to address many current housing market issues. In this paper, the authors\nuse the model to examine the implications of alternative mortgages for homeownership. The authors use the model to show that interest rate–adjustable mortgages and combo loans can help explain the rise—and fall—in homeownership since 1994.", "publicationTitle": "Federal Reserve Bank of St. Louis Review", "publisher": "", "place": "", "date": "2008", "volume": "November/December", "issue": "", "section": "", "partNumber": "", "partTitle": "", "pages": "585-608", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "", "DOI": "", "citationKey": "", "url": "http://research.stlouisfed.org/publications/review/08/11/Chambers.pdf", "accessDate": "", "PMID": "", "PMCID": "", "ISSN": "", "archive": "", "archiveLocation": "", "shortTitle": "", "language": "", "libraryCatalog": "", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-24T17:39:17Z", "dateModified": "2014-06-24T17:42:11Z" } }, { "key": "QNTNUTSN", "version": 22, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/QNTNUTSN", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/QNTNUTSN", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Fan and Burton", "parsedDate": "2005-09-01", "numChildren": 0 }, "data": { "key": "QNTNUTSN", "version": 22, "itemType": "journalArticle", "title": "Vehicle Acquisitions: Leasing or Financing?", "creators": [ { "creatorType": "author", "firstName": "Jessie X.", "lastName": "Fan" }, { "creatorType": "author", "firstName": "John R.", "lastName": "Burton" } ], "abstractNote": "In this study, we investigate household vehicle leasing versus financing behavior using the Interview Survey Portions of the 2001 Consumer Expenditure Survey. Two research questions are addressed in this study: (1) What are the demographics of those who lease as opposed to those who finance, and (2) What are the major factors affecting a consumer's probability of leasing versus financing when acquiring vehicles? Findings show that among income and demographic characteristics, being older, Caucasian or Hispanic, college educated, living in urban Northeast and Midwest, living in large Metropolitan Statistical Areas (MSAs), not having teenagers in the family, and having a higher income increase a consumer's probability to lease a vehicle. Most of these income and demographic effects either become smaller or disappear after the vehicle characteristics are controlled for. Among vehicle characteristics, being newer, Japanese or European made, luxury brand, with more cylinders, with power brakes, sunroof, and four-wheel drive increase the probability of leasing. Purchasing the vehicle new instead of used, having a lower down payment and monthly payments, and having a smaller number of contracted payments also increase the probability of leasing.", "publicationTitle": "Journal of Consumer Affairs", "publisher": "", "place": "", "date": "September 1, 2005", "volume": "39", "issue": "2", "section": "", "partNumber": "", "partTitle": "", "pages": "237-253", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "", "DOI": "10.1111/j.1745-6606.2005.00013.x", "citationKey": "", "url": "http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=18083282&site=ehost-live", "accessDate": "2014-06-24T17:16:55Z", "PMID": "", "PMCID": "", "ISSN": "1745-6606", "archive": "", "archiveLocation": "", "shortTitle": "Vehicle Acquisitions", "language": "en", "libraryCatalog": "Wiley Online Library", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-24T17:16:55Z", "dateModified": "2014-06-24T17:17:10Z" } }, { "key": "PP3N7GGG", "version": 21, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/PP3N7GGG", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/PP3N7GGG", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Patrick", "parsedDate": "1984-12-01", "numChildren": 0 }, "data": { "key": "PP3N7GGG", "version": 21, "itemType": "journalArticle", "title": "A proposed Procedure for Facilitating the Analysis of Lease-Purchase Decisions by Consumers", "creators": [ { "creatorType": "author", "firstName": "Thomas M.", "lastName": "Patrick" } ], "abstractNote": "Advertising extolling the advantages of leasing an automobile is increasing, leading many consumers to ask whether leasing makes sense as an alternative to ownership. This paper sets forth a simple procedure which professional financial advisors and educators can use to help consumers make this decision. The procedure can be applied to any buy-lease decision. In what follows, key variables in the buy-lease decision are identified, and an example using actual data is presented to illustrate the procedure.", "publicationTitle": "Journal of Consumer Affairs", "publisher": "", "place": "", "date": "December 1, 1984", "volume": "18", "issue": "2", "section": "", "partNumber": "", "partTitle": "", "pages": "355-365", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "", "DOI": "10.1111/j.1745-6606.1984.tb00339.x", "citationKey": "", "url": "http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=5106328&site=ehost-live", "accessDate": "2014-06-24T17:13:58Z", "PMID": "", "PMCID": "", "ISSN": "1745-6606", "archive": "", "archiveLocation": "", "shortTitle": "", "language": "en", "libraryCatalog": "Wiley Online Library", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-24T17:13:58Z", "dateModified": "2014-06-24T17:14:21Z" } }, { "key": "H9AXQNBB", "version": 19, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/H9AXQNBB", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/H9AXQNBB", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Silva-Risso and Ionova", "parsedDate": "2008-04-25", "numChildren": 0 }, "data": { "key": "H9AXQNBB", "version": 19, "itemType": "journalArticle", "title": "A Nested Logit Model of Product and Transaction-Type Choice for Planning Automakers' Pricing and Promotions", "creators": [ { "creatorType": "author", "firstName": "Jorge", "lastName": "Silva-Risso" }, { "creatorType": "author", "firstName": "Irina", "lastName": "Ionova" } ], "abstractNote": "We develop a consumer response model to evaluate and plan pricing and promotions in durable-good markets. We discuss its implementation in the U.S. automotive industry, which “spends” about $45 billion each year in price promotions. The approach is based on a random effects multinomial nested logit model of product (e.g., a vehicle model, such as Hyundai Tucson), and transaction-type choice. Transaction types include combinations of acquisition types (e.g., purchase versus lease) and pricing instruments (cash rebates, reduced APR financing, lease payment discounts). We estimate the model using hierarchical Bayes methods to capture response heterogeneity at the local market level. We find key characteristics unique to durable-good markets. First, consumers are heterogeneous in both their brand and transaction-type preferences. Second, consumers differ in their overall price sensitivity as well as in their relative sensitivity to alternative pricing instruments (e.g., cash discounts, reduced monthly payments). Third, the most effective pricing programs tend to be those in which automakers offer consumers a menu of options to choose from (e.g., a choice among a cash discount, reduced interest rate financing, or a lease payment discount). We illustrate the model through an empirical application to a sample of data drawn from J.D. Power transaction records in the entry SUV segment and discuss examples of actual implementations.", "publicationTitle": "Marketing Science", "publisher": "", "place": "", "date": "April 25, 2008", "volume": "27", "issue": "4", "section": "", "partNumber": "", "partTitle": "", "pages": "545-566", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "Marketing Science", "DOI": "10.1287/mksc.1080.0374", "citationKey": "", "url": "http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=34585007&site=ehost-live", "accessDate": "2014-06-24T16:49:16Z", "PMID": "", "PMCID": "", "ISSN": "0732-2399", "archive": "", "archiveLocation": "", "shortTitle": "", "language": "", "libraryCatalog": "pubsonline.informs.org (Atypon)", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-24T16:49:16Z", "dateModified": "2014-06-24T16:49:43Z" } }, { "key": "26W3HVP8", "version": 17, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/26W3HVP8", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/26W3HVP8", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Silva-Risso et al.", "parsedDate": "2008-02-01", "numChildren": 0 }, "data": { "key": "26W3HVP8", "version": 17, "itemType": "journalArticle", "title": "Chrysler and J. D. Power: Pioneering Scientific Price Customization in the Automobile Industry", "creators": [ { "creatorType": "author", "firstName": "Jorge", "lastName": "Silva-Risso" }, { "creatorType": "author", "firstName": "William V.", "lastName": "Shearin" }, { "creatorType": "author", "firstName": "Irina", "lastName": "Ionova" }, { "creatorType": "author", "firstName": "Alexei", "lastName": "Khavaev" }, { "creatorType": "author", "firstName": "Deirdre", "lastName": "Borrego" } ], "abstractNote": "Pricing is a critical component in the marketing-mix plans of automobile manufacturers. Because they tend to keep their manufacturer's suggested retail prices (MSRPs) and wholesale prices fixed throughout the model year, they customize pricing to reflect supply and demand by using incentives; in the US market, they represent approximately $45 billion per year. In addition, variations in capacity utilization have immediate and substantial effects on profitability. This, together with legacy costs and inflexible labor contracts, makes the effectiveness and efficiency of price-customization decisions particularly vital for the industry. Chrysler, a pioneer in using science in its pricing decisions, engaged J. D. Power and Associates (JDPA) to implement an incentive planning model. The approach used is based on a random-effects multinomial nested logit model of product (vehicle model), acquisition (cash, finance, lease), and program-type (e.g., consumer cash rebates, reduced interest-rate financing, cash/reduced interest-rate combinations, lease-support) selection. The model uses sales transaction data that are collected daily from approximately 10,000 dealerships. It uses a hierarchical Bayes modeling structure to capture response heterogeneity at the local market level. This specification allows users to apply the model to pricing decisions at the local, regional, and national market levels. Based on implementing this model, Chrysler learned that, for any given price level, the pricing structure (e.g., a combination of retail price, interest rates, or rebates) is important. The set of the most efficient pricing structures for each price level constitutes an efficient frontier; efficient pricing structures vary across products, price levels, and markets. The system provides three alternative approaches to identify efficient (and effective) pricing programs: (a) what-if-scenario simulations, (b) a batch scenario generator that allows users to identify and examine the profit-share/volume efficient frontier, and (c) an optimizer that, given an objective and a set of constraints, allows users to search for incentive programs rapidly. The Chrysler Corporate Economics Office estimates that Chrysler's annual savings from implementing the model are approximately $500 million.", "publicationTitle": "Interfaces", "publisher": "", "place": "", "date": "February 1, 2008", "volume": "38", "issue": "1", "section": "", "partNumber": "", "partTitle": "", "pages": "26-39", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "Interfaces", "DOI": "10.1287/inte.1070.0332", "citationKey": "", "url": "http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=31877955&site=ehost-live", "accessDate": "2014-06-24T16:41:11Z", "PMID": "", "PMCID": "", "ISSN": "0092-2102", "archive": "", "archiveLocation": "", "shortTitle": "Chrysler and J. D. Power", "language": "", "libraryCatalog": "pubsonline.informs.org (Atypon)", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-24T16:41:11Z", "dateModified": "2014-06-24T16:41:34Z" } }, { "key": "FV8F69FZ", "version": 16, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/FV8F69FZ", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/FV8F69FZ", "type": "text/html" }, "up": { "href": "https://api.zotero.org/groups/270229/items/PGNRJUNJ", "type": "application/json" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "numChildren": 0 }, "data": { "key": "FV8F69FZ", "version": 16, "parentItem": "PGNRJUNJ", "itemType": "attachment", "linkMode": "imported_file", "title": "Dasgupta et al. - 2007 - To Lease or to Buy A Structural Model of a Consum.pdf", "accessDate": "", "url": "", "note": "", "contentType": "application/pdf", "charset": "", "filename": "Dasgupta et al. - 2007 - To Lease or to Buy A Structural Model of a Consum.pdf", "md5": "afeadac044f1c5b9e637c9d5b2d36f4e", "mtime": 1403626440000, "tags": [], "relations": {}, "dateAdded": "2014-06-24T16:13:48Z", "dateModified": "2014-06-24T16:14:01Z" } }, { "key": "46RKMQ25", "version": 14, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/46RKMQ25", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/46RKMQ25", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Rai and Sigrin", "parsedDate": "2013-03-01", "numChildren": 0 }, "data": { "key": "46RKMQ25", "version": 14, "itemType": "journalArticle", "title": "Diffusion of environmentally-friendly energy technologies: buy versus lease differences in residential PV markets", "creators": [ { "creatorType": "author", "firstName": "Varun", "lastName": "Rai" }, { "creatorType": "author", "firstName": "Benjamin", "lastName": "Sigrin" } ], "abstractNote": "Diffusion of microgeneration technologies, particularly rooftop photovoltaic (PV), represents a key option in reducing emissions in the residential sector. We use a uniquely rich dataset from the burgeoning residential PV market in Texas to study the nature of the consumer’s decision-making process in the adoption of these technologies. In particular, focusing on the financial metrics and the information decision-makers use to base their decisions upon, we study how the leasing and buying models affect individual choices and, thereby, the adoption of capital-intensive energy technologies. Overall, our findings suggest that the leasing model more effectively addresses consumers’ informational requirements and that, contrary to some other studies, buyers and lessees of PV do not necessarily differ significantly along socio-demographic variables. Instead, we find that the leasing model has opened up the residential PV market to a new, and potentially very large, consumer segment—those with a tight cash-flow situation.", "publicationTitle": "Environmental Research Letters", "publisher": "", "place": "", "date": "2013-03-01", "volume": "8", "issue": "1", "section": "", "partNumber": "", "partTitle": "", "pages": "014022", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "Environ. Res. Lett.", "DOI": "10.1088/1748-9326/8/1/014022", "citationKey": "", "url": "http://iopscience.iop.org/1748-9326/8/1/014022", "accessDate": "2014-06-20T17:26:53Z", "PMID": "", "PMCID": "", "ISSN": "1748-9326", "archive": "", "archiveLocation": "", "shortTitle": "Diffusion of environmentally-friendly energy technologies", "language": "en", "libraryCatalog": "Institute of Physics", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-20T17:26:53Z", "dateModified": "2014-06-20T17:26:53Z" } }, { "key": "BQMEB3ZT", "version": 14, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/BQMEB3ZT", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/BQMEB3ZT", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Liu et al.", "parsedDate": "2014-06", "numChildren": 0 }, "data": { "key": "BQMEB3ZT", "version": 14, "itemType": "journalArticle", "title": "Purchasing vs. leasing: A benefit-cost analysis of residential solar PV panel use in California", "creators": [ { "creatorType": "author", "firstName": "Xiaohui", "lastName": "Liu" }, { "creatorType": "author", "firstName": "Eric G.", "lastName": "O'Rear" }, { "creatorType": "author", "firstName": "Wallace E.", "lastName": "Tyner" }, { "creatorType": "author", "firstName": "Joseph F.", "lastName": "Pekny" } ], "abstractNote": "The use of small-scale solar electric generation in the U.S. has been steadily rising in the more recent years. Solar photovoltaic (PV) cell micro-generation has been used extensively for residential applications – especially in the state of California. Systems can be purchased by a homeowner or leased through a licensed distributor. Leasing has become a more popular option mostly because it does not require substantial upfront costs, and regularly schedules maintenance is often handled by the lessor. The inability by households to capture any tax breaks related to depreciation of solar capital equipment purchased by them also has made purchasing home systems even less appealing and continues to give leasing more of a competitive edge over purchasing. If homeowners were to choose financing a system through a home-equity loan, they would be eligible for tax breaks related to the interest paid on the loan. Our study uses a benefit-cost analysis to evaluate the impacts of combined tax breaks from depreciation and interest paid on home-equity loans on competitiveness under different purchase options for a 4 kW solar PV system in California. Purchasing strategies are compared to one another based on the resulting net electricity price ($/kWh) under each option. The net electricity price metric exploits the savings in annual utility bills given the displacement of grid-based electricity by solar generation. We find that cash purchases result in the highest net electricity price. Before depreciation, the differential in net electricity prices between the home-equity loan and leasing financing options is roughly $0.07/kWh. This gap shrinks to only $0.01/kWh when both the tax breaks from depreciation and interest paid on loans are considered. Overall, our results suggest that the additional tax breaks from depreciation in conjunction with those from interest paid on home-equity loans can make purchasing much more competitive. Sensitivity analysis was conducted for key parameters, and all sensitivity tests yielded the expected results.", "publicationTitle": "Renewable Energy", "publisher": "", "place": "", "date": "June 2014", "volume": "66", "issue": "", "section": "", "partNumber": "", "partTitle": "", "pages": "770-774", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "Renewable Energy", "DOI": "10.1016/j.renene.2014.01.026", "citationKey": "", "url": "http://www.sciencedirect.com/science/article/pii/S096014811400055X", "accessDate": "2014-06-20T17:26:39Z", "PMID": "", "PMCID": "", "ISSN": "0960-1481", "archive": "", "archiveLocation": "", "shortTitle": "Purchasing vs. leasing", "language": "", "libraryCatalog": "ScienceDirect", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-20T17:26:39Z", "dateModified": "2014-06-20T17:26:39Z" } }, { "key": "6FP7XHQN", "version": 13, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/6FP7XHQN", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/6FP7XHQN", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Einav et al.", "parsedDate": "2012-07-01", "numChildren": 0 }, "data": { "key": "6FP7XHQN", "version": 13, "itemType": "journalArticle", "title": "Contract Pricing in Consumer Credit Markets", "creators": [ { "creatorType": "author", "firstName": "Liran", "lastName": "Einav" }, { "creatorType": "author", "firstName": "Mark", "lastName": "Jenkins" }, { "creatorType": "author", "firstName": "Jonathan", "lastName": "Levin" } ], "abstractNote": "WE WOULD HAVE TO GET A COPY FROM ANOTHER LIBRARY. \nWe analyze subprime consumer lending and the role played by down payment requirements in screening high-risk borrowers and limiting defaults. To do this, we develop an empirical model of the demand for financed purchases that incorporates both adverse selection and repayment incentives. We estimate the model using detailed transaction-level data on subprime auto loans. We show how different elements of loan contracts affect the quality of the borrower pool and subsequent loan performance. We also evaluate the returns to credit scoring that allows sellers to customize financing terms to individual applicants. Our approach shows how standard econometric tools for analyzing demand and supply under imperfect competition extend to settings in which firms care about the identity of their customers and their postpurchase behavior.", "publicationTitle": "Econometrica", "publisher": "", "place": "", "date": "July 1, 2012", "volume": "80", "issue": "4", "section": "", "partNumber": "", "partTitle": "", "pages": "1387-1432", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "", "DOI": "10.3982/ECTA7677", "citationKey": "", "url": "http://onlinelibrary.wiley.com/doi/10.3982/ECTA7677/abstract", "accessDate": "2014-06-20T17:24:02Z", "PMID": "", "PMCID": "", "ISSN": "1468-0262", "archive": "", "archiveLocation": "", "shortTitle": "", "language": "en", "libraryCatalog": "Wiley Online Library", "callNumber": "", "rights": "© 2012 The Econometric Society", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-20T17:24:02Z", "dateModified": "2014-06-20T17:24:25Z" } }, { "key": "6CI3ZA6Q", "version": 11, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/6CI3ZA6Q", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/6CI3ZA6Q", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Chiang and Sa-Aadu", "parsedDate": "2014", "numChildren": 0 }, "data": { "key": "6CI3ZA6Q", "version": 11, "itemType": "journalArticle", "title": "Optimal Mortgage Contract Choice Decision in the Presence of Pay Option Adjustable Rate Mortgage and the Balloon Mortgage", "creators": [ { "creatorType": "author", "firstName": "Yao-Min", "lastName": "Chiang" }, { "creatorType": "author", "firstName": "Jarjisu", "lastName": "Sa-Aadu" } ], "abstractNote": "", "publicationTitle": "The Journal of Real Estate Finance and Economics", "publisher": "", "place": "", "date": "5/2014", "volume": "48", "issue": "4", "section": "", "partNumber": "", "partTitle": "", "pages": "709-753", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "", "DOI": "10.1007/s11146-012-9397-5", "citationKey": "", "url": "http://rd.springer.com/article/10.1007/s11146-012-9397-5", "accessDate": "2014-06-20T17:20:43Z", "PMID": "", "PMCID": "", "ISSN": "0895-5638, 1573-045X", "archive": "", "archiveLocation": "", "shortTitle": "", "language": "en", "libraryCatalog": "CrossRef", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-20T17:20:43Z", "dateModified": "2014-06-20T17:20:43Z" } }, { "key": "T6VPP3IZ", "version": 10, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/T6VPP3IZ", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/T6VPP3IZ", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Desai and Purohit", "parsedDate": "1999-02-01", "numChildren": 0 }, "data": { "key": "T6VPP3IZ", "version": 10, "itemType": "journalArticle", "title": "Competition in Durable Goods Markets: The Strategic Consequences of Leasing and Selling", "creators": [ { "creatorType": "author", "firstName": "Preyas S.", "lastName": "Desai" }, { "creatorType": "author", "firstName": "Devavrat", "lastName": "Purohit" } ], "abstractNote": "In marketing durable goods, manufacturers use varying degrees of leasing and selling to consumers, e.g., cars, photo-copiers, personal computers, airplanes, etc. The question that this raises is whether the distinction between leases and sales is simply one of price, or whether the proportion of leases and sales effects a firm's ability to compete in the market. In this paper we use two approaches to argue that leasing and selling create strategic consequences that extend beyond prices. First, we develop a stylized theoretical model that shows that the optimal proportion of leases and sales depends on the competitiveness of the market and on the inherent reliability of the firm's product. And second, we find support for the implications of our theoretical model with data from the automobile industry. The U.S. automobile industry has seen a large increase in leasing over the last five years. However, the extent to which leasing has been embraced varies widely across manufacturers. For example, in 1993 the sport utility segment had the following lease percentages: Ford Explorer, 29%; Jeep Grand Cherokee, 24%; Toyota 4-Runner, 11%; and Chevrolet Blazer, 9%. In addition, manufacturers often vary lease percentages across models. For example, in 1993 Ford leased 22% of its Crown Victoria model, 35% of its Taurus model, and 42% of its Probe model. A popular argument for why we see these differences is that higher priced cars are leased more often because leasing makes them more “affordable.” However, this rationale is not compelling in the face of our data. For example, the Ford Probe was priced significantly lower than the Crown Victoria and yet it was leased almost twice as often. To develop a better understanding of why we observe differences in the proportion of leasing, we develop a two-period model of a duopoly in which each manufacturer chooses its optimal quantity and the fraction of units it wants to lease. We find that in equilibrium neither firm leases all its units—either they use a mix of leasing and selling or they use only selling. Our analysis suggests that the fraction of leased cars decreases as the manufacturers' products become more similar and the competition between them increases. The intuition for this result is that a higher fraction of leases puts the firm at a competitive disadvantage in the future. This occurs because, unlike firms that sell their product, firms that lease are at a price disadvantage. Another important finding in this paper is that the extent of leasing chosen by a manufacturer depends on the reliability of its product. In particular, all else being equal, the lower a product's reliability, the lower its proportion of leases. Within the context of the automobile industry, this suggests that more expensive cars may be leased more often because they are of higher quality and not necessarily because they are more expensive. Finally, we test the implications of our theoretical model with data from the U.S. automobile market. In particular, for 1993 model year cars, we develop a measure of reliability using data from Consumer Reports. In addition, we develop a measure of the extent of competition in each segment of the automobile market. We support our hypotheses by finding that the extent to which a car model is leased depends strongly on its predicted reliability and on the competitive intensity within the segment.", "publicationTitle": "Marketing Science", "publisher": "", "place": "", "date": "February 1, 1999", "volume": "18", "issue": "1", "section": "", "partNumber": "", "partTitle": "", "pages": "42-58", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "Marketing Science", "DOI": "10.1287/mksc.18.1.42", "citationKey": "", "url": "https://faculty.fuqua.duke.edu/~desai/leasing-duopoly.pdf", "accessDate": "2014-06-20T17:03:30Z", "PMID": "", "PMCID": "", "ISSN": "0732-2399", "archive": "", "archiveLocation": "", "shortTitle": "Competition in Durable Goods Markets", "language": "", "libraryCatalog": "pubsonline.informs.org (Atypon)", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-20T17:03:30Z", "dateModified": "2014-06-20T17:04:03Z" } }, { "key": "ECZXK63V", "version": 8, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/ECZXK63V", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/ECZXK63V", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Hahn et al.", "parsedDate": "2013-01-01", "numChildren": 0 }, "data": { "key": "ECZXK63V", "version": 8, "itemType": "journalArticle", "title": "The effect of payment type on product-related emotions: evidence from an experimental study", "creators": [ { "creatorType": "author", "firstName": "Luise", "lastName": "Hahn" }, { "creatorType": "author", "firstName": "Erik", "lastName": "Hoelzl" }, { "creatorType": "author", "firstName": "Maria", "lastName": "Pollai" } ], "abstractNote": "WE WOULD HAVE TO GET A COPY FROM ANOTHER LIBRARY. \nConsumption and payments have been shown to be closely associated in consumers' minds. Based on the idea of ‘coupling’, it is hypothesized that product-related emotions will differ depending on payment type (i.e. repayment and prepayment). Moreover, it has been suggested that forecasted emotions do not always correspond to experienced emotions. This is tested in a longitudinal experiment, which simulated a saving and credit situation, and assessed forecasted and experienced product-related emotions. As hypothesized, prepayment led to more positive product-related emotions than repayment. Moreover, participants showed some inconsistencies between forecasted and experienced emotions. Implications for marketing and consumer education are discussed.", "publicationTitle": "International Journal of Consumer Studies", "publisher": "", "place": "", "date": "January 1, 2013", "volume": "37", "issue": "1", "section": "", "partNumber": "", "partTitle": "", "pages": "21-28", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "", "DOI": "10.1111/j.1470-6431.2011.01072.x", "citationKey": "", "url": "http://onlinelibrary.wiley.com/doi/10.1111/j.1470-6431.2011.01072.x/abstract", "accessDate": "2014-06-20T16:57:29Z", "PMID": "", "PMCID": "", "ISSN": "1470-6431", "archive": "", "archiveLocation": "", "shortTitle": "The effect of payment type on product-related emotions", "language": "en", "libraryCatalog": "Wiley Online Library", "callNumber": "", "rights": "© 2012 Blackwell Publishing Ltd", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-20T16:57:29Z", "dateModified": "2014-06-20T16:58:20Z" } }, { "key": "2E6P7UI9", "version": 6, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/2E6P7UI9", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/2E6P7UI9", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Wonder et al.", "parsedDate": "2008-06-01", "numChildren": 0 }, "data": { "key": "2E6P7UI9", "version": 6, "itemType": "journalArticle", "title": "The Financial Rationality of Consumer Loan Choices: Revealed Preferences Concerning Interest Rates, Down Payments, Contract Length, and Rebates", "creators": [ { "creatorType": "author", "firstName": "Nicholas", "lastName": "Wonder" }, { "creatorType": "author", "firstName": "Wendy", "lastName": "Wilhelm" }, { "creatorType": "author", "firstName": "David", "lastName": "Fewings" } ], "abstractNote": "A choice-based conjoint experiment was employed to identify consumer preferences for automobile loan attributes. Respondents prefer loans with low interest rates and moderate contract lengths. Less important are high rebates and moderate down payments. Rebates are most important to choice when down payment is high. Even when choosing among interest-free loans, respondents do not prefer long terms, conflicting with traditional financial rationality. Respondents appear to focus attention on the first digit of the monthly payment (payment, a function of the other attributes, was provided to respondents). This tendency was stronger among those with less education. Public policy recommendations are discussed.", "publicationTitle": "Journal of Consumer Affairs", "publisher": "", "place": "", "date": "June 1, 2008", "volume": "42", "issue": "2", "section": "", "partNumber": "", "partTitle": "", "pages": "243-270", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "", "DOI": "10.1111/j.1745-6606.2008.00107.x", "citationKey": "", "url": "http://onlinelibrary.wiley.com/doi/10.1111/j.1745-6606.2008.00107.x/abstract", "accessDate": "2014-06-20T16:34:30Z", "PMID": "", "PMCID": "", "ISSN": "1745-6606", "archive": "", "archiveLocation": "", "shortTitle": "The Financial Rationality of Consumer Loan Choices", "language": "en", "libraryCatalog": "Wiley Online Library", "callNumber": "", "rights": "Copyright 2008 by The American Council on Consumer Interests", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-20T16:34:30Z", "dateModified": "2014-06-20T16:34:30Z" } }, { "key": "D2QBDQFR", "version": 5, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/D2QBDQFR", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/D2QBDQFR", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Mannering et al.", "parsedDate": "2002-07", "numChildren": 0 }, "data": { "key": "D2QBDQFR", "version": 5, "itemType": "journalArticle", "title": "An exploratory analysis of automobile leasing by US households", "creators": [ { "creatorType": "author", "firstName": "Fred", "lastName": "Mannering" }, { "creatorType": "author", "firstName": "Clifford", "lastName": "Winston" }, { "creatorType": "author", "firstName": "William", "lastName": "Starkey" } ], "abstractNote": "The share of new automobiles leased in the United States increased from 3% in 1984 to 30% by 1998. This paper explores the motivations behind consumers' preference for leasing by developing a model of vehicle acquisition decisions, including the type of vehicle to drive and whether to lease or purchase it. We find that leasing's recent popularity is largely attributable to its role in facilitating vehicle upgrading by high-income households. Because such households represent a small share of US households, we question projections that leasing will capture ever greater shares of the new vehicle market.", "publicationTitle": "Journal of Urban Economics", "publisher": "", "place": "", "date": "July 2002", "volume": "52", "issue": "1", "section": "", "partNumber": "", "partTitle": "", "pages": "154-176", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "Journal of Urban Economics", "DOI": "10.1016/S0094-1190(02)00009-8", "citationKey": "", "url": "http://www.sciencedirect.com/science/article/pii/S0094119002000098", "accessDate": "2014-06-20T16:32:40Z", "PMID": "", "PMCID": "", "ISSN": "0094-1190", "archive": "", "archiveLocation": "", "shortTitle": "", "language": "", "libraryCatalog": "ScienceDirect", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-20T16:32:40Z", "dateModified": "2014-06-20T16:32:40Z" } }, { "key": "PGNRJUNJ", "version": 4, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/PGNRJUNJ", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/PGNRJUNJ", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Dasgupta et al.", "parsedDate": "2007-08-01", "numChildren": 1 }, "data": { "key": "PGNRJUNJ", "version": 4, "itemType": "journalArticle", "title": "To Lease or to Buy? A Structural Model of a Consumer's Vehicle and Contract Choice Decisions", "creators": [ { "creatorType": "author", "firstName": "Srabana", "lastName": "Dasgupta" }, { "creatorType": "author", "firstName": "S", "lastName": "Siddarth" }, { "creatorType": "author", "firstName": "Jorge", "lastName": "Silva-Risso" } ], "abstractNote": "WE WOULD HAVE TO GET A COPY FROM ANOTHER LIBRARY. Abstract By treating leasing and financing contracts as differentiated products with their own unique acquisition costs, the authors develop a structural model of a consumer's choice of automobile and the related decision of whether to lease or buy it. They estimate the model on a data set of new car purchases from the entry-luxury segment of the U.S. automobile market. A key finding is that consumers are myopic and prefer contracts with lower payment streams even when they have higher total costs. The authors also find that consumers are more likely to lease than to finance cars with higher maintenance costs because this provides them with the option to return the car before maintenance costs become too high. The authors demonstrate how automobile manufacturers can use the model to evaluate the effectiveness of promotional incentives, such as cash rebates, interest rate subsidies, and increased residual values.", "publicationTitle": "Journal of Marketing Research", "publisher": "", "place": "", "date": "August 1, 2007", "volume": "44", "issue": "3", "section": "", "partNumber": "", "partTitle": "", "pages": "490-502", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "Journal of Marketing Research", "DOI": "10.1509/jmkr.44.3.490", "citationKey": "", "url": "http://journals.ama.org/doi/abs/10.1509/jmkr.44.3.490", "accessDate": "2014-06-20T16:17:41Z", "PMID": "", "PMCID": "", "ISSN": "0022-2437", "archive": "", "archiveLocation": "", "shortTitle": "To Lease or to Buy?", "language": "", "libraryCatalog": "journals.ama.org (Atypon)", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-20T16:17:41Z", "dateModified": "2014-06-20T16:18:04Z" } }, { "key": "JTRIU6U5", "version": 2, "library": { "type": "group", "id": 270229, "name": "consumer_durable_goods", "links": { "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods", "type": "text/html" } } }, "links": { "self": { "href": "https://api.zotero.org/groups/270229/items/JTRIU6U5", "type": "application/json" }, "alternate": { "href": "https://www.zotero.org/groups/consumer_durable_goods/items/JTRIU6U5", "type": "text/html" } }, "meta": { "createdByUser": { "id": 250494, "username": "tsandberg", "name": "Tami Sandberg", "links": { "alternate": { "href": "https://www.zotero.org/tsandberg", "type": "text/html" } } }, "creatorSummary": "Johnson et al.", "parsedDate": "2014", "numChildren": 0 }, "data": { "key": "JTRIU6U5", "version": 2, "itemType": "journalArticle", "title": "The Role and Growth of New-Car Leasing: Theory and Evidence", "creators": [ { "creatorType": "author", "firstName": "Justin", "lastName": "Johnson" }, { "creatorType": "author", "firstName": "Henry S.", "lastName": "Schneider" }, { "creatorType": "author", "firstName": "Michael", "lastName": "Waldman" } ], "abstractNote": "An important change in the automobile market over the last few decades has been the substantial growth in new-car leasing. Building on recent theoretical research, we construct a model of the leasing decision in which leasing mitigates adverse selection and reduces transaction costs, but moral hazard limits its use. Also, in our model the prevalence of leasing is related to new-car reliability, so it suggests that the growth in leasing over time is at least partly due to improvements over time in new-car reliability. We use this model to derive a number of testable implications and then conduct an empirical analysis of the new-car and used-car markets to investigate whether the operation of these markets is consistent with the predictions of this theoretical approach. Our empirical results support the theoretical predictions of our model. In particular, we provide the first direct evidence that leasing serves to mitigate adverse selection and our results also indicate that an important factor in the growth in new-car leasing has indeed been the growth in new-car reliability.", "publicationTitle": "Journal of Law and Economics", "publisher": "", "place": "", "date": "2014", "volume": "57", "issue": "3", "section": "", "partNumber": "", "partTitle": "", "pages": "", "series": "", "seriesTitle": "", "seriesText": "", "journalAbbreviation": "", "DOI": "", "citationKey": "", "url": "http://works.bepress.com/henry_schneider/5", "accessDate": "2014-06-20T15:48:26Z", "PMID": "", "PMCID": "", "ISSN": "", "archive": "", "archiveLocation": "", "shortTitle": "The Role and Growth of New-Car Leasing", "language": "", "libraryCatalog": "works.bepress.com", "callNumber": "", "rights": "", "extra": "", "tags": [], "collections": [], "relations": {}, "dateAdded": "2014-06-20T15:48:26Z", "dateModified": "2014-06-20T15:48:26Z" } } ]