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130156 |
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|a Archsmith, James
|e author
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|a Sloan School of Management
|e contributor
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|a Gillingham, Kenneth T.
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|a Knittel, Christopher Roland
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|a Rapson, David S.
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|a Attribute substitution in household vehicle portfolios
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|b Wiley,
|c 2021-03-17T14:57:21Z.
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|z Get fulltext
|u https://hdl.handle.net/1721.1/130156
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|a 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.
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|a en
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|a Article
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|t RAND Journal of Economics
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