• Medientyp: Bericht; E-Book
  • Titel: Consumer myopia in vehicle purchases: Evidence from a natural experiment
  • Beteiligte: Gillingham, Kenneth [Verfasser:in]; Houde, Sébastien [Verfasser:in]
  • Erschienen: Zurich: ETH Zurich, CER-ETH - Center of Economic Research, 2019
  • Sprache: Englisch
  • DOI: https://doi.org/10.3929/ethz-b-000342759
  • Schlagwörter: D12 ; L71 ; L62 ; regulation ; fuel economy ; Q4 ; L11 ; H25 ; undervaluation ; vehicles ; myopia
  • Entstehung:
  • Anmerkungen: Diese Datenquelle enthält auch Bestandsnachweise, die nicht zu einem Volltext führen.
  • Beschreibung: A central question in the analysis of fuel-economy policy is whether consumers are myopic with regards to future fuel costs. We provide the first evidence on consumer valuation of fuel economy from a natural experiment. We examine the short-run equilibrium effects of an exogenous restatement of fuel-economy ratings that affected 1.6 million vehicles. Using the implied changes in willingness-to-pay, we find that consumers act myopically: consumers are indifferent between $1 in discounted fuel costs and 15-38 cents in the vehicle purchase price when discounting at 4%. This myopia persists under a wide range of assumptions.
  • Zugangsstatus: Freier Zugang