Quantifying the benefits of the introduction of the hybrid electric vehicle |
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| Institution: | 1. Managing Economist, Bates White Economic Consulting, 2001 K Street NW, North Building, Suite 500, Washington, DC 20036, United States;2. Yale University and NBER, 195 Prospect Street, New Haven, CT 06511, United States;1. Toulouse School of Economics: 1, Esplanade de l''Université, Toulouse, 31080, France;2. Università di Bergamo: 2, via dei Caniana, Bergamo, 24127, Italy;3. Luiss: 32, Viale Romania, Roma, 00197, Italy;1. Compass Lexecon, Spain;2. Graduate Institute of International and Development Studies, Geneva, CEPR and Compass Lexecon, Belgium;3. Bergamo University and Compass Lexecon, Italy;1. Department of Management, Politecnico di Torino, Corso Duca degli Abruzzi 24 - 10129, Turin, Italy;2. Department of Economics, Social Studies, Applied Mathematics, and Statistics, University of Turin, Corso Unione Sovietica 218/bis - 10134, Turin, Italy;3. CEBRIG - Université Libre de Bruxelles; LABORatorio Riccardo Revelli, Belgium;1. Department of Economics and Social Sciences, Telecom Paris, Institut Polytechnique de Paris, France;2. CESifo, Munich, Germany;3. Dipartimento di Scienze Economiche ed Aziendali “M. Fanno”, Università di Padova, Padova, Italy |
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| Abstract: | This study models demand and supply in the market for new automobiles to estimate the economic benefits generated by the introduction of the hybrid electric vehicle. We estimate our model using all new vehicle registrations in California along with detailed demographic data. Our counterfactual analysis reveals that the addition of hybrids to the consumer choice set generates gains in social surplus that peak at roughly $1.2 billion annually in 2007, but environmental benefits make up 0.2% of the net benefits. We find that 31% of the social surplus in 2008 can be attributed directly to the hybrid vehicles independently from gains in fuel efficiency, with the remaining 69% attributed to the gains in fuel efficiency. We further show that all income groups benefit from the introduction of the hybrids, with the top 50% of the income distribution receiving the most. |
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