| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15590 |
| 来源ID | Working Paper 15590 |
| Pain at the Pump: The Differential Effect of Gasoline Prices on New and Used Automobile Markets | |
| Meghan R. Busse; Christopher R. Knittel; Florian Zettelmeyer | |
| 发表日期 | 2009-12-17 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The dramatic increase in gasoline prices from close to $1 in 1999 to $4 at their peak in 2008 made it much more expensive for consumers to operate an automobile. In this paper we investigate whether consumers have adjusted to gasoline price changes by altering what automobiles they purchase and what prices they pay. We investigate these effects in both new and used car markets. We find that a $1 increase in gasoline price changes the market shares of the most and least fuel-efficient quartiles of new cars by +20% and -24%, respectively. In contrast, the same gasoline price increase changes the market shares of the most and least fuel-efficient quartiles of used cars by only +3% and -7%, respectively. We find that changes in gasoline prices also change the relative prices of cars in the most fuel-efficient quartile and cars in the least fuel-efficient quartile: for new cars the relative price increase for fuel-efficient cars is $363 for a $1 increase in gas prices; for used cars it is $2839. Hence the adjustment of equilibrium market shares and prices in response to changes in usage cost varies dramatically between new and used markets. In the new car market, the adjustment is primarily in market shares, while in the used car market, the adjustment is primarily in prices. We argue that the difference in how gasoline costs affect new and used automobile markets can be explained by differences in the supply characteristics of new and used cars. |
| 主题 | Industrial Organization ; Market Structure and Firm Performance ; Regulatory Economics ; Industry Studies |
| URL | https://www.nber.org/papers/w15590 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573266 |
| 推荐引用方式 GB/T 7714 | Meghan R. Busse,Christopher R. Knittel,Florian Zettelmeyer. Pain at the Pump: The Differential Effect of Gasoline Prices on New and Used Automobile Markets. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15590.pdf（368KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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