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100 1 a| Chevalier, Judith A.?| UNAUTHORIZED;

245 10 a| Are durable goods consumers forward looking?h| [electronic resource]b| evidence from college textbooks /c| Judith Chevalier, Austan Goolsbee.;

260 a| Cambridge, MA :b| National Bureau of Economic Research,;

490 1 a| NBER working paper series ;v| working paper 11421;

500 a| Title from PDF file as viewed on 7/11/2005.;

504 a| Includes bibliographical references.;

506 a| Available only to authorized users.;

520 3 a| "Popular wisdom holds that publishers revise college textbooks mainly to kill off the secondary market for used books. While this behavior might be profitable if consumers are myopic, uninformed or have high short-run discount rates (that exceed the publishers'), neoclassical authors have noted that it will typically not be profitable if publishers can precommit not to cut prices and if consumers are forward-looking and have similar discount rates as the publishers; the consumer's willingness to pay for new books falls if they know that they cannot resell their used books. Using a large new dataset on all textbooks sold in psychology, biology and economics in the 10 semesters from 1997 to 2001, we estimate a demand system for books to test whether textbook consumers are forward-looking. The data strongly support the view that students are forward-looking with low short-run discount rates and that they have rational expectations of publishers' revision behavior. When the students buy their textbooks, they correctly take into account the probability that they will not be able to resell their books at the end of the semester due to a new edition release. Conditional on faculty assignment behavior, simulation results suggest that students are sufficiently forward-looking that publishers could not raise revenues by accelerating current revision cycles"--National Bureau of Economic Research web site.;

530 a| Also available in print.;

538 a| Mode of access: World Wide Web;

650 0 a| College students.=| ^A108479;

650 0 a| Durable goods, Consumer.=| ^A110755;

650 0 a| Textbooks.=| ^A172912;

655 0 a| Electronic books.=| ^A491897;

700 1 a| Goolsbee, Austan.=| ^A996594;

710 2 a| National Bureau of Economic Research.=| ^A186;

830 0 a| Working paper series (National Bureau of Economic Research : Online) ;v| working paper no. 11421.?| UNAUTHORIZED;

856 40 z| Full text available from NBER Working Papersu| https://go.openathens.net/redirector/ecu.edu?url=https%3A%2F%2Fdx.doi.org%2F10.3386%2Fw11421;

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Are durable goods consumers forward looking? evidence from college textbooks / Judith Chevalier, Austan Goolsbee.

Author/creator	Chevalier, Judith A.
Other author	Goolsbee, Austan.
Other author	National Bureau of Economic Research.
Format	Electronic
Publication Info	Cambridge, MA : National Bureau of Economic Research,
Supplemental Content	Full text available from NBER Working Papers
Subjects	College students. Durable goods, Consumer. Textbooks.

Series	NBER working paper series ; working paper 11421 Working paper series (National Bureau of Economic Research : Online) ; working paper no. 11421. UNAUTHORIZED
Summary	"Popular wisdom holds that publishers revise college textbooks mainly to kill off the secondary market for used books. While this behavior might be profitable if consumers are myopic, uninformed or have high short-run discount rates (that exceed the publishers'), neoclassical authors have noted that it will typically not be profitable if publishers can precommit not to cut prices and if consumers are forward-looking and have similar discount rates as the publishers; the consumer's willingness to pay for new books falls if they know that they cannot resell their used books. Using a large new dataset on all textbooks sold in psychology, biology and economics in the 10 semesters from 1997 to 2001, we estimate a demand system for books to test whether textbook consumers are forward-looking. The data strongly support the view that students are forward-looking with low short-run discount rates and that they have rational expectations of publishers' revision behavior. When the students buy their textbooks, they correctly take into account the probability that they will not be able to resell their books at the end of the semester due to a new edition release. Conditional on faculty assignment behavior, simulation results suggest that students are sufficiently forward-looking that publishers could not raise revenues by accelerating current revision cycles"--National Bureau of Economic Research web site.
General note	Title from PDF file as viewed on 7/11/2005.
Bibliography note	Includes bibliographical references.
Access restriction	Available only to authorized users.
Other forms	Also available in print.
Technical details	Mode of access: World Wide Web
Genre/form	Electronic books.
LCCN	2005618403

Are durable goods consumers forward looking? evidence from college textbooks / Judith Chevalier, Austan Goolsbee.

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