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

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Date

2006

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Investigaciones Económicas

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http://www.redalyc.org/revista.oa

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REDALYC : Red de Revistas Científicas de América Latina y el Caribe, España y Portugal

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Red de Revistas Científicas de América Latina y el Caribe, España y Portugal

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Investigaciones Económicas

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Economía y Finanzas Car scrapping replacement schemes heterogeneous consumers

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Pattern Model Shoppers Customers (Consumers)

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Antonio R. Sampayo et al., « The effects of replacement schemes on car sales : the Spanish case », Investigaciones Económicas, ID : 10670/1.168a59...

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This paper studies a model of car replacement designed to evaluate policiesaddressed to influence replacement decisions. An aggregate hazard function iscomputed from optimal replacement rules of heterogeneous consumers, whichmimics the hump—shaped hazard function observed for the Spanish car market.The model is calibrated to evaluate quantitatively the Plan Prever, areplacement scheme introduced in Spain in 1997, finding that the positive effectof the subsidy is high in the short run but small in the long run for bothsales and the average age of the stock.

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