GASOLINE PRICES, FUEL ECONOMY, AND THE ENERGY PARADOX

• 成果类型: Article
• 署名作者: Allcott, Hunt; Wozny, Nathan
• 署名单位: New York University; National Bureau of Economic Research
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00419
• 发表日期: 2014-12
• 页码: 779-795
• 关键词: sticky-information; stationary equilibrium; EFFICIENCY; demand; MARKET; variables; rates

摘要

Policymakers often assert that consumers undervalue future gasoline costs when they buy automobiles. We test this by measuring whether relative prices of vehicles with different fuel economy ratings fully adjust to variation in gasoline prices. Vehicle prices move as if consumers are indifferent between $1.00 in discounted future gas cost and $0.76 in vehicle purchase price. We show how corrections for endogenous market shares and utilization, measurement error, and different gasoline price forecasts affect the results. We also provide unique evidence of sticky information: vehicle markets respond to changes in gasoline prices with up to a six-month delay.