Søren Leth-Petersen is a Professor of Economics and Deputive Director of Center for Economic Behavior and Inequality (CEBI) at the University of Copenhagen. He does applied research, and his primary research themes are labor supply, consumption and savings, household finance and, in particular, expectations to outcomes in these domains.
We specify an equilibrium model of car ownership with private information where individuals sell and purchase new and second-hand cars over their life-cycle.