Evidence of liquidity constraints found in theme park ticket auctions
Data from Internet auctions of unused tickets to Walt Disney World are used to establish the presence and financial impact of liquidity constraints for consumers, even when those consumers are confronted with a very short time horizon and a substantial potential monetary saving. Bidding for tickets is found to be consistent with the microeconomic consumer theory of risk and liquidity. The presence of liquidity premiums and premiums paid for variety in entertainment are separately established. Copyright Springer 2005
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Volume (Year): 29 (2005)
Issue (Month): 1 (March)
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- Stephen P. Zeldes, .
"Consumption and Liquidity Constraints: An Empirical Investigation,"
Rodney L. White Center for Financial Research Working Papers
16-88, Wharton School Rodney L. White Center for Financial Research.
- Zeldes, Stephen P, 1989. "Consumption and Liquidity Constraints: An Empirical Investigation," Journal of Political Economy, University of Chicago Press, vol. 97(2), pages 305-46, April.
- Stephen Zeldes, . "Consumption and Liquidity Constraints: An Empirical Investigation," Rodney L. White Center for Financial Research Working Papers 24-85, Wharton School Rodney L. White Center for Financial Research.
- Patrick Bajari & Ali Horta�su, 2004. "Economic Insights from Internet Auctions," Journal of Economic Literature, American Economic Association, vol. 42(2), pages 457-486, June.
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