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Attribute substitution in household vehicle portfolios

James Archsmith, Kenneth Gillingham, Christopher R. Knittel and David Rapson

RAND Journal of Economics, 2020, vol. 51, issue 4, 1162-1196

Abstract: Roughly three quarters of vehicles are purchased into multi‐car households. We study whether households are willing to substitute attributes, such as fuel economy, across vehicles within their portfolio. We develop a novel strategy to separately identify idiosyncratic preferences for an attribute from these within‐portfolio effects. Using the universe of household vehicle registration records in California over a 6‐year period, we find that two‐car households exhibit strong substitution across vehicles when faced with an exogenous change to fuel intensity of a kept vehicle. This effect can erode a substantial portion of the benefit from major policies, such as Cash‐for‐Clunkers.

Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4)

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https://doi.org/10.1111/1756-2171.12353

Related works:
Working Paper: Attribute Substitution in Household Vehicle Portfolios (2017) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:bla:randje:v:51:y:2020:i:4:p:1162-1196

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