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The effects of replacement schemes on car sales: the Spanish case

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Author Info
Omar Licandro (European University Institute and FEDEA)
Antonio R. Sampayo (University of Santiago)

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Abstract

This paper studies a model of car replacement designed to evaluate policies addressed to influence replacement decisions. An aggregate hazard function is computed from optimal replacement rules of heterogeneous consumers, which mimics the hump—shaped hazard function observed for the Spanish car market. The model is calibrated to evaluate quantitatively the Plan Prever, a replacement scheme introduced in Spain in 1997, finding that the positive effect of the subsidy is high in the short run but small in the long run for both sales and the average age of the stock.

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File URL: ftp://ftp.funep.es/InvEcon/paperArchive/May2006/v30i2a3.pdf
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Publisher Info
Article provided by Fundación SEPI in its journal Investigaciones Economicas.

Volume (Year): 30 (2006)
Issue (Month): 2 (May)
Pages: 239-282
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Handle: RePEc:iec:inveco:v:30:y:2006:i:2:p:239-282

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Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
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Related research
Keywords: Car scrapping; replacement schemes; heterogeneous consumers;

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Find related papers by JEL classification:
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Caballero, Ricardo J & Engel, Eduardo M R A, 1993. "Microeconomic Adjustment Hazards and Aggregate Dynamics," The Quarterly Journal of Economics, MIT Press, vol. 108(2), pages 359-83, May. [Downloadable!] (restricted)
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  2. Rust, John, 1987. "Optimal Replacement of GMC Bus Engines: An Empirical Model of Harold Zurcher," Econometrica, Econometric Society, vol. 55(5), pages 999-1033, September. [Downloadable!] (restricted)
  3. Robert W. Hahn, 1995. "An Economic Analysis of Scrappage," RAND Journal of Economics, The RAND Corporation, vol. 26(2), pages 222-242, Summer. [Downloadable!] (restricted)
  4. Mario Izquierdo & Omar Licandro & Alberto Maydeu, . "Car quality improvements and price indices in Spain," Working Papers 2001-18, FEDEA. [Downloadable!]
    Other versions:
  5. Baltas, N.C. & Xepapadeas, A., 1999. "Accelerating Vehicle Replacement and Environmental Protection: the Case of Passenger Cars in Greece," Athens University of Economics and Business 108, Athens University of Economics and Business, Department of International and European Economic Studies.
  6. Jerome Adda & Russell Cooper, 2000. "Balladurette and Juppette: A Discrete Analysis of Scrapping Subsidies," Journal of Political Economy, University of Chicago Press, vol. 108(4), pages 778-806, August. [Downloadable!] (restricted)
    Other versions:
  7. Omar Licandro & Antonio R. Sampayo, . "Los efectos de los Planes Renove y Prever sobre el reemplazo de turismos," Working Papers 97-22, FEDEA. [Downloadable!]
  8. Omar Licandro & Antonio R. Sampayo, . "La demanda de automóviles en España: Un análisis de la evolución y variabilidad de las tasas de reemplazo," Working Papers 97-12, FEDEA.
  9. Russell Cooper & John Haltiwanger & Laura Power, 1999. "Machine Replacement and the Business Cycle: Lumps and Bumps," American Economic Review, American Economic Association, vol. 89(4), pages 921-946, September. [Downloadable!] (restricted)
    Other versions:
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