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The Demand for Car Fuel Efficiency: An Hedonic Price Approach

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Author Info
Robert Witt (Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey)

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Abstract

This paper uses an hedonic price approach to estimate the effect of petrol price changes on fuel efficiency and other attributes using data for new cars in the UK. In contrast with Atkinson and Halvorsen (1984), the long-run petrol price elasticity of demand for fuel efficiency is very small, suggesting that the long-run own-price elasticity of demand for petrol is less than unity. The results imply that the adjustment process within the new car market permits little substitution for more fuel efficient cars in response to petrol price changes.

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Publisher Info
Paper provided by Surrey Energy Economics Centre (SEEC), Department of Economics, University of Surrey in its series Surrey Energy Economics Centre (SEEC), Department of Economics Discussion Papers (SEEDS) with number 77.

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Length: 32 pages
Date of creation: Oct 1994
Date of revision:
Handle: RePEc:sur:seedps:77

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Find related papers by JEL classification:
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
R40 - Urban, Rural, and Regional Economics - - Transportation Systems - - - General

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