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Automobile Prices Gasoline Prices And Consumer Demand For Fuel Economy
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Book Synopsis Automobile Prices, Gasoline Prices, and Consumer Demand for Fuel Economy by : Nathan Miller
Download or read book Automobile Prices, Gasoline Prices, and Consumer Demand for Fuel Economy written by Nathan Miller and published by . This book was released on 2013 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship between gasoline prices and the demand for vehicle fuel efficiency is important for environmental policy but poorly understood in the academic literature. We provide empirical evidence that automobile manufacturers price as if consumers respond to gasoline prices. We derive a reduced-form regression equation from theoretical micro-foundations and estimate the equation with nearly 300,000 vehicle-week-region observations over the period 2003-2006. We find that vehicle prices generally decline in the gasoline price. The decline is larger for inefficient vehicles, and the prices of particularly efficient vehicles actually rise. Structural estimation that ignores these effects underestimates consumer preferences for fuel efficiency.
Book Synopsis Automobile Prices, Gasoline Prices, and Consumer Demand for Fuel Economy by : Ashley Langer
Download or read book Automobile Prices, Gasoline Prices, and Consumer Demand for Fuel Economy written by Ashley Langer and published by BiblioGov. This book was released on 2013-06 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The relationship between gasoline prices and the demand for vehicle fuel effciency is important for environmental policy but poorly understood in the academic literature. We provide empirical evidence that automobile manufacturers price as if consumers respond to gasoline prices. We derive a reduced-form regression equation from theoretical micro-foundations and estimate the equation with nearly 300,000 vehicle-week-region observations over the period 2003-2006. We find that vehicle prices generally decline in the gasoline price. The decline is larger for ineffcient vehicles, and the prices of particularly effcient vehicles actually rise. Structural estimation that ignores these effects underestimates consumer preferences for fuel effciency.
Book Synopsis Automotive Fuel Economy by : National Research Council
Download or read book Automotive Fuel Economy written by National Research Council and published by National Academies Press. This book was released on 1992-02-01 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents realistic estimates for the level of fuel economy that is achievable in the next decade for cars and light trucks made in the United States and Canada. A source of objective and comprehensive information on the topic, this book takes into account real-world factors such as the financial conditions in the automotive industry, costs and benefits to consumers, and marketability of high-efficiency vehicles. The committee is composed of experts from the fields of science, technology, finance, and regulation and offers practical evaluations of technological improvements that could contribute to increased fuel efficiency. The volume also examines potential barriers to improvement, such as high production costs, regulations on safety and emissions, and consumer preferences. This practical book is of considerable interest to car and light truck manufacturers, policymakers, federal and state agencies, and the public.
Book Synopsis Cost, Effectiveness, and Deployment of Fuel Economy Technologies for Light-Duty Vehicles by : National Research Council
Download or read book Cost, Effectiveness, and Deployment of Fuel Economy Technologies for Light-Duty Vehicles written by National Research Council and published by National Academies Press. This book was released on 2015-09-28 with total page 812 pages. Available in PDF, EPUB and Kindle. Book excerpt: The light-duty vehicle fleet is expected to undergo substantial technological changes over the next several decades. New powertrain designs, alternative fuels, advanced materials and significant changes to the vehicle body are being driven by increasingly stringent fuel economy and greenhouse gas emission standards. By the end of the next decade, cars and light-duty trucks will be more fuel efficient, weigh less, emit less air pollutants, have more safety features, and will be more expensive to purchase relative to current vehicles. Though the gasoline-powered spark ignition engine will continue to be the dominant powertrain configuration even through 2030, such vehicles will be equipped with advanced technologies, materials, electronics and controls, and aerodynamics. And by 2030, the deployment of alternative methods to propel and fuel vehicles and alternative modes of transportation, including autonomous vehicles, will be well underway. What are these new technologies - how will they work, and will some technologies be more effective than others? Written to inform The United States Department of Transportation's National Highway Traffic Safety Administration (NHTSA) and Environmental Protection Agency (EPA) Corporate Average Fuel Economy (CAFE) and greenhouse gas (GHG) emission standards, this new report from the National Research Council is a technical evaluation of costs, benefits, and implementation issues of fuel reduction technologies for next-generation light-duty vehicles. Cost, Effectiveness, and Deployment of Fuel Economy Technologies for Light-Duty Vehicles estimates the cost, potential efficiency improvements, and barriers to commercial deployment of technologies that might be employed from 2020 to 2030. This report describes these promising technologies and makes recommendations for their inclusion on the list of technologies applicable for the 2017-2025 CAFE standards.
Book Synopsis Automobile Prices, Gasoline Prices, and Consumer Demand for Fuel Economy by : Ashley Langer
Download or read book Automobile Prices, Gasoline Prices, and Consumer Demand for Fuel Economy written by Ashley Langer and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Effects of Gasoline Prices on Driving Behavior and Vehicle Markets by : David Austin
Download or read book Effects of Gasoline Prices on Driving Behavior and Vehicle Markets written by David Austin and published by Government Printing Office. This book was released on 2008 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gasoline prices and driving behavior. Volume of traffic ; Speed of traffic ; Applicability of findings to other regions of the United States -- Gasoline prices and vehicle markets. Market shares for cars and light trucks ; Gasoline prices and vehicle market status ; Changes in new vehicle fuel economy and pricing ; Changes in the used vehicle market -- Study data -- Analytical approach and economic results.
Book Synopsis Corporate Average Fuel Economy and the Market for New Vehicles by : Thomas Klier
Download or read book Corporate Average Fuel Economy and the Market for New Vehicles written by Thomas Klier and published by DIANE Publishing. This book was released on 2011-08 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents an overview of the economics literature on the effect of Corporate Average Fuel Economy (CAFE) standards on the new vehicle market. Since 1978, CAFE has imposed fuel economy standards for cars and light trucks sold in the U.S. market. This paper reviews the history of the standards, followed by a discussion of the major upcoming changes in implementation and stringency. It describes strategies that firms can use to meet the standards and reviews the CAFE literature as it applies to the new vehicle market. The paper concludes by highlighting areas for future research in light of the upcoming changes to CAFE. Charts and tables. This is a print on demand edition of an important, hard-to-find report.
Book Synopsis The Consumer Response to Gasoline Price Changes by : Kenneth Thomas Gillingham
Download or read book The Consumer Response to Gasoline Price Changes written by Kenneth Thomas Gillingham and published by Stanford University. This book was released on 2011 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: When gasoline prices rise, people notice: the news is filled with reports of pinched household budgets and politicians feeling pressure to do something to ameliorate the burden. Yet, raising the gasoline tax to internalize externalities is widely considered by economists to be among the most economic efficiency-improving policies we could implement in the transportation sector. This dissertation brings new evidence to bear on quantifying the responsiveness to changing gasoline prices, both on the intensive margin (i.e., how much to drive) and the extensive margin (i.e., what vehicles to buy). I assemble a unique and extremely rich vehicle-level dataset that includes all new vehicle registrations in California 2001 to 2009, and all of the mandatory smog check program odometer readings for 2002 to 2009. The full dataset exceeds 49 million observations. Using this dataset, I quantify the responsiveness to gasoline price changes on both margins, as well as the heterogeneity in the responsiveness. I develop a novel structural model of vehicle choice and subsequent utilization, where consumer decisions are modeled in a dynamic setting that explicitly accounts for selection on unobserved driving preference at both the time of purchase and the time of driving. This utility-consistent model allows for the analysis of the welfare implications to consumers and government of a variety of different policies, including gasoline taxes and feebates. I find that consumers are responsive to changing gasoline prices in both vehicle choice and driving decisions, with more responsiveness than in many recent studies in the literature. I estimate a medium-run (i.e., roughly two-year) elasticity of fuel economy with respect to the price of gasoline for new vehicles around 0.1 for California, a response that varies by whether the vehicle manufacturer faces a tightly binding fuel economy standard. I estimate a medium-run elasticity of driving with respect to the price of gasoline around -0.15 for new personal vehicles in the first six years. Older vehicles are driven much less, but tend to be more responsive, with an elasticity of roughly -0.3. I find that the vehicle-level responsiveness in driving to gasoline price changes varies by vehicle class, income, geographic, and demographic groups. I also find that not including controls for economic conditions and not accounting for selection into different types of new vehicles based on unobserved driving preference tend to bias the elasticity of driving away from zero -- implying a greater responsiveness than the true responsiveness. This is an important methodological point, for much of the literature estimating similar elasticities ignores these two issues. These results have significant policy implications for policies to reduce gasoline consumption and greenhouse gas emissions from transportation. The relatively inelastic estimated responsiveness on both margins suggests that a gasoline tax policy may not lead to dramatic reductions in carbon dioxide emissions, but is a relatively non-distortionary policy instrument to raise revenue. When the externalities of driving are considered, an increased gasoline tax may not only be relatively non-distortionary, but even economic efficiency-improving. However, I find that the welfare changes from an increased gasoline tax vary significantly across counties in California, an important consideration for the political feasibility of the policy. Finally, I find suggestive evidence that the ``rebound effect'' of a policy that works only on the extensive margin, such as a feebate or CAFE standards, may be closer to zero than the elasticity of driving with respect to the price of gasoline. This suggestive finding is particularly important for the analysis of the welfare effects of any policy that focuses entirely on the extensive margin.
Book Synopsis The Price of Gasoline and the Demand for Fuel Economy by : Thomas H. Klier
Download or read book The Price of Gasoline and the Demand for Fuel Economy written by Thomas H. Klier and published by . This book was released on 2009 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a unique data set of monthly new vehicle sales by detailed model from 1978 to 2007 and implements a new identification strategy to estimate the effect of the price of gasoline on consumer demand for fuel economy. The authors control for unobserved vehicle and consumer characteristics by using within model-year changes in the price of gasoline and vehicle sales. They find a significant demand response, as nearly half of the decline in market share of U.S. manufacturers from 2002-2007 was due to the increase in the price of gasoline. On the other hand, an increase in the gasoline tax would only modestly affect average fuel economy.
Book Synopsis The Distributional Implications of the Impact of Fuel Price Increases on Inflation by : Mr. Kangni R Kpodar
Download or read book The Distributional Implications of the Impact of Fuel Price Increases on Inflation written by Mr. Kangni R Kpodar and published by International Monetary Fund. This book was released on 2021-11-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer price index (CPI). We then combine household survey data with the CPI components to construct a CPI index for the poorest and richest income quintiles with the view to assess the distributional impact of the pass-through. To undertake this analysis, the paper provides an update to the Global Monthly Retail Fuel Price Database, expanding the product coverage to premium and regular fuels, the time dimension to December 2020, and the sample to 190 countries. Three key findings stand out. First, the response of inflation to gasoline price shocks is smaller, but more persistent and broad-based in developing economies than in advanced economies. Second, we show that past studies using crude oil prices instead of retail fuel prices to estimate the pass-through to inflation significantly underestimate it. Third, while the purchasing power of all households declines as fuel prices increase, the distributional impact is progressive. But the progressivity phases out within 6 months after the shock in advanced economies, whereas it persists beyond a year in developing countries.
Book Synopsis Do Consumers Recognize the Value of Fuel Economy? by : James M. Sallee
Download or read book Do Consumers Recognize the Value of Fuel Economy? written by James M. Sallee and published by . This book was released on 2015 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Debate about the appropriate design of energy policy hinges critically on whether consumers might undervalue energy efficiency, due to myopia or some other manifestation of limited rationality. We contribute to this debate by measuring consumers' willingness to pay for fuel economy using a novel identification strategy and high quality microdata from wholesale used car auctions. We leverage differences in future fuel costs across otherwise identical vehicles that have different current mileage, and therefore different remaining lifetimes. By seeing how price differences across high and low mileage vehicles of different fuel economies change in response to shocks to the price of gasoline, we estimate the relationship between vehicle prices and future fuel costs. Our data suggest that used automobile prices move one for one with changes in present discounted future fuel costs, which implies that consumers fully value fuel economy.
Book Synopsis The Impact of Automobile Fuel Economy Standards by : Andrew N. Kleit
Download or read book The Impact of Automobile Fuel Economy Standards written by Andrew N. Kleit and published by . This book was released on 1988 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Gasoline Prices, Fuel Economy, and the Energy Paradox by : Hunt Allcott
Download or read book Gasoline Prices, Fuel Economy, and the Energy Paradox written by Hunt Allcott and published by . This book was released on 2010 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is often asserted that consumers purchasing automobiles or other goods and services underweight the costs of gasoline or other "add-ons." We test this hypothesis in the US automobile market by examining the effects of time series variation in gasoline price expectations on the prices and market shares of vehicles with different fuel economy ratings. When gas prices rise, demand for high fuel economy vehicles increases, pushing up their relative prices. Market share changes - increased production of high fuel economy vehicles and scrappage of low fuel economy vehicles - attenuate these price changes. Intuitively, the less that equilibrium vehicle prices and shares respond to changes in expected gasoline prices, the less that consumers appear to value gasoline costs. We estimate a nested logit discrete choice model using a remarkable dataset that includes market shares, characteristics, expected usage, and transaction price microdata for all new and used vehicles available between 1999 and 2008. To address simultaneity bias, we introduce a new instrument for used vehicle market shares, based on the fact that gasoline prices cause variation in new vehicle shares that then persists over time as the vehicles move through resale markets. Our results show that US auto consumers are willing to pay just $0.61 to reduce expected discounted gas expenditures by $1. We incorporate the estimated parameters into a new discrete choice approach to behavioral welfare analysis, which suggests with caution that a paternalistic energy efficiency policy could generate welfare gains of $3.6 billion per year. JEL Codes: D03, L62, Q41.
Author :United States. Congress. Senate. Committee on Energy and Natural Resources. Subcommittee on Energy Regulation and Conservation Publisher : ISBN 13 : Total Pages :368 pages Book Rating :4.0/5 (17 download)
Book Synopsis Automobile Fuel Economy Standards by : United States. Congress. Senate. Committee on Energy and Natural Resources. Subcommittee on Energy Regulation and Conservation
Download or read book Automobile Fuel Economy Standards written by United States. Congress. Senate. Committee on Energy and Natural Resources. Subcommittee on Energy Regulation and Conservation and published by . This book was released on 1985 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pain at the Pump by : Meghan R. Busse
Download or read book Pain at the Pump written by Meghan R. Busse and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The dramatic increase in gasoline prices from close to $1 in 1999 to $4 at their peak in 2008 made it much more expensive for consumers to operate an automobile. In this paper we investigate whether consumers have adjusted to gasoline price changes by altering what automobiles they purchase and what prices they pay. We investigate these effects in both new and used car markets. We find that a $1 increase in gasoline price changes the market shares of the most and least fuel-efficient quartiles of new cars by +20% and -24%, respectively. In contrast, the same gasoline price increase changes the market shares of the most and least fuel-efficient quartiles of used cars by only +3% and -7%, respectively. We find that changes in gasoline prices also change the relative prices of cars in the most fuel-efficient quartile and cars in the least fuel-efficient quartile: for new cars the relative price increase for fuel-efficient cars is $363 for a $1 increase in gas prices; for used cars it is $2839. Hence the adjustment of equilibrium market shares and prices in response to changes in usage cost varies dramatically between new and used markets. In the new car market, the adjustment is primarily in market shares, while in the used car market, the adjustment is primarily in prices. We argue that the difference in how gasoline costs affect new and used automobile markets can be explained by differences in the supply characteristics of new and used cars
Author :United States. Congress. Senate. Committee on Energy and Natural Resources Publisher : ISBN 13 : Total Pages :524 pages Book Rating :4.3/5 (91 download)
Book Synopsis Potential for Improved Automobile Fuel Economy Between 1985 and 1995 by : United States. Congress. Senate. Committee on Energy and Natural Resources
Download or read book Potential for Improved Automobile Fuel Economy Between 1985 and 1995 written by United States. Congress. Senate. Committee on Energy and Natural Resources and published by . This book was released on 1980 with total page 524 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Energy Conservation and Power Publisher : ISBN 13 : Total Pages :256 pages Book Rating :4.3/5 (91 download)
Book Synopsis Auto Fuel Efficiency Standards by : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Energy Conservation and Power
Download or read book Auto Fuel Efficiency Standards written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Energy Conservation and Power and published by . This book was released on 1983 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
