TAILIEUCHUNG - Are Consumers Myopic? Evidence from New and Used Car Purchases 

When parts for your car are delayed or no longer available Where replacement parts are required for the repair of your car and they are delayed (for example, if they need to be imported from overseas) or if they are no longer available, we may pay you what it would have cost us to repair your car with those parts had they been available in Australia. Sub-contracting repairs We or the repairer we authorise to repair your car may sub-contract some of the repairs. Secure compliance labels If your car is fitted with a secure compliance (or car security) label which. | Are Consumers Myopic Evidence from New and Used Car Purchases Meghan R. Busse Northwestern University and NBER Christopher R. Knittel MIT Sloan and NBER Florian Zettelmeyer Northwestern University and NBER March 2012 We are grateful for helpful comments from Hunt Allcott Eric Anderson John Asker Max Auffhammer Severin Borenstein Tim Bresnahan Igal Hendel Ryan Kellogg Aviv Nevo Sergio Rebelo Jorge Silva-Risso Scott Stern and particularly the editor and three anonymous referees. We thank seminar participants at Brigham Young University the Chicago Federal Reserve Bank Cornell Harvard Illinois Institute of Technology Iowa State MIT Northwestern Ohio State Purdue Texas A M Triangle Resource and Environmental Economics seminar UC Berkeley UC Irvine University of British Columbia University of Chicago University of Michigan University of Rochester University of Toronto and Yale. We also thank participants at the ASSA Milton Friedman Institute Price Dynamics Conference NBER IO EEE and Price Dynamics conferences and the National Tax Association. We thank the University of California Energy Institute UCEI for financial help in acquiring data. Busse and Zettelmeyer gratefully acknowledge the support of NSF grants SES-0550508 and SES-0550911. Knittel thanks the Institute of Transportation Studies at UC Davis for support. Addresses for correspondence E-mail m-busse@ knittel@ f-zettelmeyer@ Are Consumers Myopic Evidence from New and Used Car Purchases Abstract We investigate whether car buyers are myopic about future fuel costs. We estimate the effect of gasoline prices on short-run equilibrium prices of cars of different fuel economies. We then compare the implied changes in willingness-to-pay to the associated changes in expected future gasoline costs for cars of different fuel economies in order to calculate implicit discount rates. Using different assumptions about annual mileage survival rates and demand elasticities .

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