汽车租赁和汽车销售市场之间的动态互动中英文外文文献翻译.doc

本科毕业设计（论文） 中英文对照翻译 (此文档为word格式,下载后您可任意修改编辑!) 标题：Dynamic interaction between markets for leasing and selling automobiles 作者：Athanasios Andrikopoulos， Raphael Markellos 期刊：Journal of Banking Finance，No.50，pp：260-270 年份：2015 原文 Dynamic interaction between markets for leasing and selling automobiles Athanasios Andrikopoulos Raphael Markellos Abstract We develop a model of dynamic interactions between price variations in leasing and selling markets for automobiles. Our framework assumes a differential game between multiple Bertrand-type competing firms which offer differentiated products to forward-looking agents. Empirical analysis of our model using monthly US data from 2002 to 2011 shows that variations in selling (cash) market prices lead rapidly dissipating changes of leasing market prices in the opposite direction. We discuss the practical implications of these results by augmenting a standard leasing valuation formula. The additional terms represent the leased asset value changes that can be expected on the basis of past variations in automobile selling market prices. Keywords：Interacting markets，Automobiles， Differential Games， Leasing， Valuation 1 Introduction For households in developed countries the automobile is typi- cally the second largest asset purchased after a house and is the most commonly held non-financial asset (Aizcorbe et al., 2003). In the US, one third of all cars sold is financed via leasing (e.g., see Hendel and Lizzeri, 2002; Johnson and Waldman, 2003) while a comparable proportion of sales involves cash transactions (Mannering et al., 2002; Dasgupta et al., 2007). Despite its impor- tance, the exact association between leasing markets and cash markets (also known as selling markets) is not yet fully under- stood. Although some theoretical models exist (see Bulow, 1982, 1986; Bucovetsky and Chilton, 1986; Purohit and Staelin, 1994; Purohit, 1997; Desai and Purohit, 1998, 1999; Saggi and Vettas, 2000; Huang et al., 2001), they