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Vol. 25 No. 42 (2016)

Papers

Fuel efficiency effect on car buying choice

https://doi.org/10.19053/01211129.4629

Published 2016-05-03

  • Julián Eduardo Morales-Rodríguez
    • ,
  • Deysy Jeannette Ortiz-Durán
    • ,
  • Luis Gabriel Márquez-Díaz

Julián Eduardo Morales-Rodríguez
Universidad Pedagógica y Tecnológica de Colombia (Tunja - Boyacá, Colombia).

Deysy Jeannette Ortiz-Durán
Universidad Central del Ecuador (Quito, Ecuador).

Luis Gabriel Márquez-Díaz
Universidad Pedagógica y Tecnológica de Colombia (Tunja - Boyacá, Colombia).

Abstract

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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