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Title: Two-Stage Hedonic Price Model for Light-Duty Vehicles: Consumer Valuations of Automotive Fuel Economy in Maine
Accession Number: 01154849
Record Type: Component
Record URL: Availability: Transportation Research Board Business Office 500 Fifth Street, NW Find a library where document is available Abstract: Consumers’ marginal willingness to pay for a unit change of automotive fuel economy was estimated through development of a hedonic regression of new automobiles sales. The research combined national data on vehicle attributes with a unique data set that contains demographic information on all new vehicles registered in Maine in 2007. The research estimates the impact of demographic factors on consumer demands for fuel economy by generating a function for fuel economy demand in a second-stage hedonic model. Results show that consumers undervalue the long-run fuel savings of vehicle ownership, but they significantly value short-run fuel savings. Age and education are positively correlated with fuel economy demand, whereas income is statistically insignificant. Car consumers’ net benefits from an increase in fuel economy from 25 to 35 mpg are computed from the fuel economy demand curve and are approximately $2,232. Strengthening corporate average fuel economy standards is reasonable because consumers can receive significant net benefits from increasing fuel economy.
Monograph Title: Monograph Accession #: 01172525
Report/Paper Numbers: 10-1273
Language: English
Authors: Pagination: pp 119-128
Publication Date: 2010
ISBN: 9780309142830
Media Type: Print
Features: Figures
(4)
; References
(31)
; Tables
(3)
TRT Terms: Identifier Terms: Uncontrolled Terms: Geographic Terms: Subject Areas: Economics; Highways; Vehicles and Equipment; I10: Economics and Administration; I96: Vehicle Operating Costs
Files: TRIS, TRB, ATRI
Created Date: Jan 25 2010 10:34AM
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0000-0002-4793-8499