Economics of Automobile Leasing: The Call Option Value
作者:
STEPHEN E. MILLER,
期刊:
Journal of Consumer Affairs
(WILEY Available online 1995)
卷期:
Volume 29,
issue 1
页码: 199-218
ISSN:0022-0078
年代: 1995
DOI:10.1111/j.1745-6606.1995.tb00045.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
Previous analyses of the automobile lease versus purchase decision have ignored the value of the call option embedded in closed‐end leases with guaranteed buy back provisions. This paper shows that ignoring the value of this call option results in a bias against leasing in the lease versus purchase decision. Supporting evidence is provided by an empirical model of automobile lease rate
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