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The Influence Of Gasoline Prices And Consideration Sets On The Fuel Economy Of New Vehicle Sales
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Book Synopsis The Influence of Gasoline Prices and Consideration Sets on the Fuel Economy of New Vehicle Sales by : James David Ruckdaschel
Download or read book The Influence of Gasoline Prices and Consideration Sets on the Fuel Economy of New Vehicle Sales written by James David Ruckdaschel and published by . This book was released on 2020 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding the factors that influence consumer investment in fuel economy when purchasing a new vehicle is critical for stakeholders including environmental policy makers, automotive manufacturers and oil companies. The energy economics literature shows that consumers are relatively rational in how much fuel economy they purchase in response to changes in gas price. Yet the marketing literature suggests that consumers only consider a small number of vehicle makes/models - as few as 2-6 - when making their purchase decision. Given this, we consider the extent to which consumer’s rational response to gas price changes is achieved by including different vehicles in their consideration set, versus choosing differently from within their consideration set. We analyze data from 210,885 responses to a new vehicle customer satisfaction survey collected over 9 years in which respondents state the vehicles they considered purchasing in addition to the vehicle they ultimately purchased. Our findings show that as gasoline prices rise, their purchased vehicle fuel economy increases more than their consideration set average fuel economy does, with both increasing. This is the result of considering more fuel-efficient vehicles and also purchasing higher within their consideration set fuel economy range. The degree to which the consumer adjusts is shown to correspond to the importance they place on the environment during their shopping process. Increased consideration and adoption of alternative fuel vehicles are found to be one mechanism the consumer uses to make these adjustments. Finally, we highlight how changing gasoline prices result in differing consideration set behavior for buyers of low and high fuel economy vehicles.
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 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 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 Effect of Fuel Price Changes on Fleet Demand for New Vehicle Fuel Economy by : Benjamin Leard
Download or read book The Effect of Fuel Price Changes on Fleet Demand for New Vehicle Fuel Economy written by Benjamin Leard and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: New vehicle purchases by private companies and government agencies, or 'fleet' buyers, represent a significant percentage of overall new vehicle sales in the United States. Yet little is known about fleet demand for new vehicle fuel economy including how it responds to fuel price changes. Using unique disaggregated data on fleet and household registrations of new vehicles from 2009 to 2016, we estimate how fleet demand for new vehicle fuel economy responds to fuel price changes. We find that fleet purchases of low fuel economy vehicles fall relative to high fuel economy vehicles when gasoline prices increase, a finding that is consistent with fleet buyers' taking into account capitalization of fuel costs in the second-hand market. Our estimates imply that raising gasoline prices by one dollar would increase fuel economy of new vehicles acquired by fleet buyers by 0.33 miles per gallon. We estimate a similar response for household buyers during the same period. This result justifies basing fuel economy responses to fuel cost changes on household data alone, an assumption widely used in the vehicle demand literature and the fuel economy valuation literature. We also find, however, that the response to fuel price changes varies across the types of fleet buyers: rental companies respond strongly to fuel price changes, whereas commercial and government buyers are insensitive. Our estimates imply that an increase in the federal gasoline tax would modestly increase fuel economy of vehicles bought by households and rental companies but would have little to no impact on fuel economy of vehicles bought by non-rental companies and governments.
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 Determining the Effects of Gasoline Price by : Phillip N. Yasnowsky
Download or read book Determining the Effects of Gasoline Price written by Phillip N. Yasnowsky and published by . This book was released on 1974 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 Essays on Fuel Efficiency and Vehicle Demand Dynamics by : Yizao Liu
Download or read book Essays on Fuel Efficiency and Vehicle Demand Dynamics written by Yizao Liu and published by . This book was released on 2011 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reducing automobile-based gasoline consumption has been a major U.S. public policy issue recently. A key driving force behind policymakers' desire is the concern of environmental externalities and national security. Currently, there are three public policies towards reducing automobile gasoline consumption: raising federal gasoline tax, raising the Corporate Average Fuel Economy (CAFE) Standards and vehicle scrappage subsidies of government to retirement of old vehicles. My research studies the effectiveness of these policies in the United States. Among all polices, economists often argue that higher gasoline tax would be more effective in improving fuel economy efficiency. In my first chapter, I ask how gasoline prices influence households' automobile replacement decisions and thus market fuel economy efficiency, which is measured by average mileage per gallon in a city. I specify and estimate a structural dynamic model of consumer preference for new and used vehicles following the methodology proposed by Gowrisankaran and Rysman (2009). Since gasoline costs accounts for 65% of total operating costs, the current and future gasoline price must need to be taken into consideration for rational forward-looking consumers when they are making vehicle choices. Besides, the replacement decision for vehicles is dynamic as well: facing depreciation as the automobile ages and the improving features for new products, consumers need to decide whether to replace the vehicle in the current period or later. Therefore, a dynamic model of consumer choice would be crucial to correct policy evaluation of fuel economy efficiency, while previous literature fails to consider the dynamics. By taking dynamics into consideration, I am able to capture the inherent dynamic nature of a forward-looking consumer's decision, with rational expectation on the evolution of vehicle attributes and retail gasoline prices. I estimate the model using a rich dataset combing vehicle registration data on different cities, vehicle characteristic data, average gasoline price, etc. Although a high gasoline tax is never put in practice in the U.S. and may not be political feasible, I further conduct an experiment of raising gasoline tax to test how fuel economy efficiency is affected based on my model estimates. Experiments suggest that keeping a $4 gasoline price would result in a steady trend for a city's fleet fuel efficiency increase, while doubling current rate will only increase fuel efficiency in the first several years, but experience drops over time. The Corporate Average Fuel Economy (CAFE) are regulations in the United States that intended to improve the average fuel economy of cars and light trucks sold in the US. However, it is long been realized that with a more fuel efficiency car, consumers may be induced to drive more which partially offsets the original energy saving by the policy. Therefore, to assess the effectiveness of CAFE standards, it is crucial to ask: how fuel economy efficiency, which is measured by mileage per gallon (MPG), affects households' vehicle mileage traveled and its distribution. In my second chapter, I answer the question by estimating a structural model for joint determination of vehicle fuel efficiency choice and vehicle mileage traveled each year with a detailed micro-level data of National Household Travel Survey 2001. I further study the distributional effects on vehicle miles of fuel efficiency using instrumental quantile regression. Comparison on results and tests of weak instruments between my method and literature suggest that my model and choice of instruments provide consistent estimates, while using choice probabilities as instruments is not valid. My results support some earlier findings of rebound effects with a more precise quantitative estimation. In addition, I find new evidence that costs associated with raising CAFE standards vary across different quantiles of annual mileage driven and are especially high for those with below-average vehicle mileage driven. These findings also provide rationale in support of a tax on mileage, which is more effective in reducing gasoline consumptions, comparing to the costs of CAFE standards. My third chapter focus on 2009 CARS Program (Cash-for-Clunker). The 2009 CARS program attempted to boost the sale of new fuel efficient vehicles to replace old gas guzzlers. The program established a two-tier incentive system depending on whether buyers purchased a passenger vehicle or an SUV. The result is that many of the new purchased vehicles are indeed SUVs. The CARS program collected information about the old scrapped vehicles and linked it to the actual purchase of the new vehicles. It is thus possible to analyze the effect of preference inertia in choices by comparing the characteristics of old and new vehicles. The fact that effective prices that consumers face are determined by the mileage class of the old car also allows us to evaluate the distribution of valuation trade-offs between mileage and other characteristics such as size, performance, and vehicle class. My findings suggest that the 2009 Cash-for-Clunker is not very effective in terms of affecting consumers' choice of SUVs and big cars. For transactions under the program, consumers still prefer SUVs and large cars. The extra $1000 rebates actually increase consumers' tastes towards SUVs.
Book Synopsis Gasoline Prices by : Barbara V. Urban
Download or read book Gasoline Prices written by Barbara V. Urban and published by Nova Publishers. This book was released on 2005 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: As major energy legislation moved to conference, the high price of gasoline remained a major consideration. The legislative proposals of past Congresses have contained numerous provisions that would affect gasoline supply and demand. This is true also of the Energy Policy Act of 2005, H.R. 6, both the version passed by the House April 21, and the Senate bill, passed June 28. A large number of factors combined to put pressure on gasoline prices, including increased world demand for crude oil and US refinery capacity inadequate to supply gasoline to a recovering national economy. The war and continued violence in Iraq added uncertainty and a threat of supply disruption that added pressure particularly to the commodity futures markets. Numerous provisions in legislative proposals in the 108th Congress addressed perceived problems in the oil and gasoline markets. A comprehensive energy policy bill was reported out of conference and approved by the House, but several issues kept the bill from passing the Senate. Among the most controversial were provisions regarding the use of ethanol and the additive methyl tertiary butyl ether (MTBE) in motor fuel, proposals to open up part of the Arctic National Wildlife Refuge (ANWR) to oil and gas development, measures concerning corporate average fuel economy (CAFE) standards, and proposals to aid construction of new refineries and to harmonise state "boutique fuels" standards. In the 109th Congress, the House passed a comprehensive bill, H.R. 6, with many of the same provisions of the bill considered in the previous Congress. As before, MTBE and ANWR, included in the House-passed bill, remain controversial. The House bill added another controversial provision, giving the Federal Energy Regulatory Commission (FERC) overriding authority over state entities in licensing terminals to receive and process liquefied natural gas. In the Senate version of H.R. 6, the MTBE safe harbour provision has been omitted. The Senate bill contains a provision, not in the House-passed version, directing the President to take measures to reduce total demand for petroleum by one million barrels per day (mbd) by 2015. An amendment by Senator Cantwell, which would have set the goal of reducing petroleum imports by 40% by 2025, was defeated on the floor by a vote of 47-53. The gasoline price surge heightened discussion of energy policy, but the urgency of previous energy crises has been lacking. In part this may be due to the fact that there has been no physical shortage of gasoline, and no lines at the pump. In addition, the expectation of former crises, that prices were destined to grow ever higher, has not been prevalent. However, the persistence of high gasoline and oil prices into a second summer has raised alarms over the economic consequences of the situation.
Book Synopsis Producing More Fuel-Efficient Automobiles by : U S Government Accountability Office (G
Download or read book Producing More Fuel-Efficient Automobiles written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: GAO was requested to: (1) examine the background for the current fuel economy standards; (2) review pertinent studies that assess the potential for attaining further fuel economy improvements; and (3) obtain information on the financial impact of the fuel economy standards on the automobile industry in meeting such standards. The federal fuel economy standards were established in response to fuel shortages and concern that the nation's dependence on foreign oil posed a threat to national security and the economy. A major goal of the standards was to reduce U.S. gasoline consumption through the production and sale of more fuel-efficient automobiles. The automobile accounts for about 30 percent of all petroleum consumption and is a major factor contributing to the nation's dependence on foreign oil. After the fuel economy standards were established, the automobile industry expressed concern about having to produce cars that met the fuel standards within the specified timeframes. The industry felt that it did not have enough time to redesign its equipment and plants to produce automobiles that met the fuel standards. During the 1970's, gasoline prices rose substantially. By 1979, Americans were purchasing imported, smaller, more fuel-efficient cars. To compete with the imports and produce automobiles that met the fuel economy standards, the industry began pouring huge amounts of capital into redesigning its product line. However, this capital investment and sagging revenues resulting from high car prices and high interest rates have placed the industry in a weakened financial position for the next several years. The two major automobile producers will most likely have negative cash flows of about $3 to 5 billion in 1981. Two studies predict a moderate improvement in fuel economy gains by the early to mid-1990's, or a rapid improvement by the 1990's.
Book Synopsis Fuel Prices, New Vehicle Fuel Economy, and Implications for Attribute-Based Standards by : Benjamin Leard
Download or read book Fuel Prices, New Vehicle Fuel Economy, and Implications for Attribute-Based Standards written by Benjamin Leard and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Energy efficiency standards based on product attributes may interact with market conditions and affect the overall stringency of the standards. In this paper we analyze the interaction between gasoline prices and the redesigned and tightened federal fuel economy standards. Tighter standards will tend to reduce the effect of gasoline prices on market shares. Furthermore, under the standards a vehicle's fuel economy requirement depends on its size. Lower gasoline prices incentivize consumers to purchase new vehicles with lower fuel economy, which are typically larger and therefore face lower fuel economy requirements. Using monthly data from 1996 to 2015, we find that fuel prices have had a smaller effect on market shares in recent years than previously. This result appears to be driven by a stronger response to rising than falling or stable prices. We construct two proxies for the stringency of the standards and we find limited evidence that the standards affect the relationship between fuel prices and market shares. Using the estimated responsiveness to fuel costs from the 2008 to 2015 period, the estimates imply that the 25 percent gasoline price decrease between 2014 and 2015 had a modest effect on average fuel economy and the average fuel economy required by the standards.
Book Synopsis Effectiveness and Impact of Corporate Average Fuel Economy (CAFE) Standards by : National Research Council
Download or read book Effectiveness and Impact of Corporate Average Fuel Economy (CAFE) Standards written by National Research Council and published by National Academies Press. This book was released on 2002-03-01 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since CAFE standards were established 25 years ago, there have been significant changes in motor vehicle technology, globalization of the industry, the mix and characteristics of vehicle sales, production capacity, and other factors. This volume evaluates the implications of these changes as well as changes anticipated in the next few years, on the need for CAFE, as well as the stringency and/or structure of the CAFE program in future years.
Book Synopsis Improving Automobile Fuel Economy by :
Download or read book Improving Automobile Fuel Economy written by and published by . This book was released on 1991 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Transitions to Alternative Vehicles and Fuels by : National Research Council
Download or read book Transitions to Alternative Vehicles and Fuels written by National Research Council and published by National Academies Press. This book was released on 2013-04-14 with total page 395 pages. Available in PDF, EPUB and Kindle. Book excerpt: For a century, almost all light-duty vehicles (LDVs) have been powered by internal combustion engines operating on petroleum fuels. Energy security concerns about petroleum imports and the effect of greenhouse gas (GHG) emissions on global climate are driving interest in alternatives. Transitions to Alternative Vehicles and Fuels assesses the potential for reducing petroleum consumption and GHG emissions by 80 percent across the U.S. LDV fleet by 2050, relative to 2005. This report examines the current capability and estimated future performance and costs for each vehicle type and non-petroleum-based fuel technology as options that could significantly contribute to these goals. By analyzing scenarios that combine various fuel and vehicle pathways, the report also identifies barriers to implementation of these technologies and suggests policies to achieve the desired reductions. Several scenarios are promising, but strong, and effective policies such as research and development, subsidies, energy taxes, or regulations will be necessary to overcome barriers, such as cost and consumer choice.
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.
