Abstract

MORALES-RODRIGUEZ, Julián Eduardo; ORTIZ-DURAN, Deysy Jeannette  and  MARQUEZ-DIAZ, Luis Gabriel. Fuel efficiency effect on car buying choice. Rev. Fac. ing. [online]. 2016, vol.25, n.42, pp.55-66. ISSN 0121-1129.

The results of a research to study the fuel efficiency effect in acquiring a new vehicle are presented. The methodology is based on applying a stated preference survey in the context of a choice experiment with two unlabeled alternatives, which are characterized by the car cost and fuel efficiency. Based on the data collected, a Multinomial Logit model was estimated, which allowed to study different choice scenarios. On average, it was found that individuals are willing to pay up to 1.020.000 Colombian pesos by a new vehicle which improves fuel efficiency at 1 kilometer/gallon. This value may be useful as reference for the automotive industry in the effort to produce higher performance vehicles.

Keywords : automotive market; fuel efficiency; stated-preference surveys; willingness to pay.

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