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Bounds on willingness-to-pay in a pure-characteristics model of the demand for automobile variants

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  • Øyvind THOMASSEN

Abstract

I estimate a pure-characteristics discrete choice model of the demand for automobile engine and body style variants, using market-level data. Revealed preference bounds and imposed bounds on the willingness to pay for characteristics as a percentage of product price are sufficient to identify nonparametric taste distributions. Substitution patterns as determined by closest substitutes appear very realistic. The model can be estimated on a single cross-section of data.

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  • Øyvind THOMASSEN, 2010. "Bounds on willingness-to-pay in a pure-characteristics model of the demand for automobile variants," Working Papers of Department of Economics, Leuven ces10.16, KU Leuven, Faculty of Economics and Business (FEB), Department of Economics, Leuven.
    • Handle: RePEc:ete:ceswps:ces10.16
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