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Corporate Average Fuel Economy Standards and the Market for New Vehicles

  • Thomas Klier

    ()

    (Federal Reserve Bank of Chicago, Chicago, Illinois 60604)

  • Joshua Linn

    ()

    (Resources for the Future, Washington, DC 20036)

This article presents an overview of the economics literature on the effect of corporate average fuel economy (CAFE) standards on the new vehicle market. Since 1978, CAFE has imposed fuel economy standards for cars and light trucks sold in the U.S. market. This article reviews the history of the standards, followed by a discussion of the major upcoming changes in implementation and stringency. It describes strategies that firms can use to meet the standards and reviews the CAFE literature as it applies to the new vehicle market. The review concludes by highlighting areas for future research in light of the upcoming changes to CAFE.

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File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev-resource-083110-120023
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Article provided by Annual Reviews in its journal Annual Review of Resource Economics.

Volume (Year): 3 (2011)
Issue (Month): 1 (October)
Pages: 445-462

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Handle: RePEc:anr:reseco:v:3:y:2011:p:445-462
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  1. Christopher R. Knittel, 2009. "Automobiles on Steroids: Product Attribute Trade-Offs and Technological Progress in the Automobile Sector," NBER Working Papers 15162, National Bureau of Economic Research, Inc.
  2. Austin, David & Dinan, Terry, 2005. "Clearing the air: The costs and consequences of higher CAFE standards and increased gasoline taxes," Journal of Environmental Economics and Management, Elsevier, vol. 50(3), pages 562-582, November.
  3. Li, Shanjun, 2009. "Traffic Safety and Vehicle Choice: Quantifying the Effects of the "Arms Race" on American Roads," Discussion Papers dp-09-33, Resources For the Future.
  4. Bento, Antonio M. & Goulder, Lawrence H. & Jacobsen, Mark R. & von Haefen, Roger H., 2007. "Distributional and Efficiency Impacts of Increased U.S. Gasoline Taxes," Working Papers 127021, Cornell University, Department of Applied Economics and Management.
  5. Thomas Klier & Joshua Linn, 2012. "New‐vehicle characteristics and the cost of the Corporate Average Fuel Economy standard," RAND Journal of Economics, RAND Corporation, vol. 43(1), pages 186-213, 03.
  6. Rubin, Jonathan & Leiby, Paul N. & Greene, David L., 2009. "Tradable fuel economy credits: Competition and oligopoly," Journal of Environmental Economics and Management, Elsevier, vol. 58(3), pages 315-328, November.
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