Valuing Automobile Fuel Economy Over Time
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Many aspects of automobile markets have changed significantly over the past
decade, from vehicle weigh and power to technology for improvements in fuel
economy, fundamentally altering tradeoffs among vehicle characteristics.
Further, several significant laws were passed mandating increases in vehicle fuel
economy. To understand the impact of such legislation, it is critical to know how
consumers value fuel economy and other vehicle characteristics. While previous
research has estimated the value of automobile fuel economy using hedonic
analysis, this research adds to this literature by examining how this value changes
over time, in particular in light of changing fuel prices over time, and highlights
the significance of uncertainty in fuel economy measures in making such as
estimation.