Replication data for: Are Consumers Myopic? Evidence from New and Used Car Purchases

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, we calculate a range of implicit discount rates similar to the range of interest rates paid by car buyers who borrow. We interpret this as showing little evidence of consumer myopia. (JEL D12, H25, L11, L62, L71, L81)

本研究旨在探究汽车购买者是否会对未来燃油成本存在短视行为。我们首先估算汽油价格对不同燃油经济性汽车的短期均衡价格的影响。随后，我们将不同燃油经济性汽车的隐含支付意愿变化，与其对应预期未来燃油成本的变化进行对比，以此计算隐性贴现率。基于年行驶里程、车辆存活率及需求弹性等不同假设条件，我们计算得到一系列隐性贴现率，其区间范围与贷款购车消费者所承担的利率区间相近。据此我们认为，现有证据几乎无法表明消费者存在短视行为。（JEL D12, H25, L11, L62, L71, L81）