The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Rates of Time Preference and Consumer Valuations of Automobile Safety and Fuel Efficiency
Abstract
This article estimates hedonic price models for automobiles using a data set on almost 3,000 households from the U.S. Department of Energy Residential Transportation Energy Consumption Survey. The standard hedonic models are generalized to recognize the role of discounting of fuel efficiency and safety, yielding an estimated rate of time preference ranging from 11 to 17 percent. This range includes the prevailing rate of interest for car loans in 1988 and is consequently consistent with market rates. Purchasers exhibit an implicit value of life ranging from $2.6 to $3.7 million, which is within the range found in the labor market as well as other market contexts. The model also estimates a significant price effect for auto injury risks and fuel efficiency.
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Citations
Cites
Individual discount rates and the purchase and utilization of energy-using durables
Hausman, J. A. (1979) · The Bell Journal of Economics · doi:10.2307/3003318 · Cited by 1,372
Cited by
The value of a statistical life: A critical review of market estimates throughout the world
Viscusi, W. K., & Aldy, J. E. (2003) · Journal of Risk and Uncertainty · doi:10.1023/a:1025598106257 · Cited by 2,135
Self-citationWillingness to Pay for a Quality-adjusted Life Year: In Search of a Standard
Hirth, R. A., Chernew, M. E., Miller, E., Fendrick, A. M., & Weissert, W. G. (2000) · Medical Decision Making · doi:10.1177/0272989x0002000310 · Cited by 850
The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World
Viscusi, W. K. K., & Aldy, J. E. (2002) · SSRN Electronic Journal · doi:10.2139/ssrn.362840 · Cited by 508
Self-citationGasoline prices, fuel economy, and the energy paradox
Allcott, H., & Wozny, N. (2014) · Review of Economics and Statistics · doi:10.1162/rest_a_00419 · Cited by 504
The value of statistical life in road safety: a meta-analysis
de Blaeij, A., Florax, R. J. G. M., Rietveld, P., & Verhoef, E. (2003) · Accident Analysis & Prevention · doi:10.1016/s0001-4575(02)00105-7 · Cited by 293
Metadata
- Authors
- Dreyfus, M. K., & Viscusi, W. K.
- Venue
- The Journal of Law and Economics
- Publisher
- University of Chicago Press
- Published
- 1995-04
- Volume
- 38
- Issue
- 1
- Pages
- 79-105
- ISSN
- 0022-2186 (ISSN-L)
- 1537-5285
- OpenAlex
- W1975383797
- Cited by
- 229
- References
- 1
- FWCI
- 26.97
- Type
- journal article
- Language
- en
- Open access
- closed
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- Dreyfus, M. K., & Viscusi, W. K. (1995). Rates of Time Preference and Consumer Valuations of Automobile Safety and Fuel Efficiency. The Journal of Law and Economics. https://doi.org/10.1086/467326
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
