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Consumer Preferences for Automobile Energy Efficiency Grades

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Author Info

  • Chang Seob Kim
  • Yoonmo Koo
  • Ie-jung Choi
  • Junhee Hong
  • Jongsu Lee

    ()
    (Technology Management, Economics and Policy Program(TEMEP), Seoul National University)

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    Abstract

    Recently, increases in energy prices have made energy conservation and efficiency improvements even more essential than in the past. With the rising cost of oil, specifically, energy efficiency has become one of the principal factors relevant to the choice of an automobile. However, due to the difficulty experienced by general consumers in obtaining reliable information regarding energy efficiency, in many countries around the world energy efficiency label regulations have been implemented which enforce a system of energy efficiency grade labeling. In this study, consumer preferences regarding energy efficiency grade were analyzed by estimating the marginal willingness to pay and the relative importance of energy efficiency grade using several discrete choice methods, including the multinomial logit, mixed logit, and mixed multiple discrete-continuous extreme value models.

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    Bibliographic Info

    Paper provided by Seoul National University; Technology Management, Economics, and Policy Program (TEMEP) in its series TEMEP Discussion Papers with number 200932.

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    Length: 19 pages
    Date of creation: Nov 2009
    Date of revision: Nov 2009
    Handle: RePEc:snv:dp2009:200932

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    Related research

    Keywords: multinomial logit; mixed logit; multiple discrete-continuous extreme value; energy efficiency grade; willingness to pay; relative importance;

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    References

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    1. Brownstone, David & Bunch, David S. & Train, Kenneth, 2000. "Joint mixed logit models of stated and revealed preferences for alternative-fuel vehicles," Transportation Research Part B: Methodological, Elsevier, vol. 34(5), pages 315-338, June.
    2. David Revelt & Kenneth Train, 1998. "Mixed Logit With Repeated Choices: Households' Choices Of Appliance Efficiency Level," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 647-657, November.
    3. Daniel McFadden & Kenneth Train, 2000. "Mixed MNL models for discrete response," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(5), pages 447-470.
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