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

  • Omar Licandro

    (European University Institute and FEDEA)

  • Antonio R. Sampayo

    (University of Santiago)

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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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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  1. Jerome Adda & Russell Cooper, 1997. "Balladurette and Juppette: A Discrete Analysis of Scrapping Subsidies," NBER Working Papers 6048, National Bureau of Economic Research, Inc.
  2. Baltas, N.C. & Xepapadeas, A., 1999. "Accelerating Vehicle Replacement and Environmental Protection: the Case of Passenger Cars in Greece," DEOS Working Papers 108, Athens University of Economics and Business.
  3. 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.
  4. John Haltiwanger & Russell Cooper & 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.
  5. Ricardo J. Caballero & Eduardo M.R.A. Engel, 1992. "Microeconomic Adjustment Hazards and Aggregate Dynamics," NBER Working Papers 4090, National Bureau of Economic Research, Inc.
  6. Mario Izquierdo & Omar Licandro & Alberto Maydey, . "Car quality improvements and price indices in Spain," Studies on the Spanish Economy 121, FEDEA.
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