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Equilibrium trade in automobile markets

Author: Kenneth GillinghamFedor IskhakovAnders Munk-NielsenJohn Philip RustBertel SchjerningAll authors
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2019.
Series: Working paper series (National Bureau of Economic Research), no. 25840.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We introduce a computationally tractable dynamic equilibrium model of the automobile market where new and used cars of multiple types (e.g. makes/models) are traded by heterogeneous consumers. Prices and quantities are determined endogenously to equate supply and demand for all car types and vintages, along with the ages at which cars are scrapped. The model allows for transactions costs, taxes, flexible  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Kenneth Gillingham; Fedor Iskhakov; Anders Munk-Nielsen; John Philip Rust; Bertel Schjerning; National Bureau of Economic Research,
OCLC Number: 1102053425
Notes: "May 2019"
Description: 1 online resource (62 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 25840.
Responsibility: Kenneth Gillingham, Fedor Iskhakov, Anders Munk-Nielsen, John P. Rust, Bertel Schjerning.

Abstract:

We introduce a computationally tractable dynamic equilibrium model of the automobile market where new and used cars of multiple types (e.g. makes/models) are traded by heterogeneous consumers. Prices and quantities are determined endogenously to equate supply and demand for all car types and vintages, along with the ages at which cars are scrapped. The model allows for transactions costs, taxes, flexible specifications of car characteristics, consumer preferences, and heterogeneity. We apply the model to two examples: a revenue-neutral replacement of the new vehicle registration tax with a higher fuel tax and a hypothetical "merger to monopoly" in an oligopolistic new car market. We show substantial gains in consumer welfare from the tax policy change, as well as important effects on government revenues, automobile prices, driving, fuel consumption and CO2 emissions, while the merger leads to substantial welfare losses.

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