Environmental Change and Hedonic Cost Functions for Automobiles

18 Pages Posted: 23 Oct 1996 Last revised: 4 Oct 2010

See all articles by Steven Berry

Steven Berry

Yale University - Department of Economics; National Bureau of Economic Research (NBER); Yale University - Cowles Foundation

Samuel S. Kortum

University of Chicago - Department of Economics; National Bureau of Economic Research (NBER)

Ariel Pakes

National Bureau of Economic Research (NBER); Harvard University - Department of Economics

Date Written: September 1996

Abstract

This paper focuses on how changes in the economic and regulatory environment have affected production costs and product characteristics in the automobile industry. We estimate cost functions characteristics. Then we examine how this cost surface has changed over time and how these changes relate to changes in gas prices and in emission standard regulations. We also briefly consider the related questions of how changes in automobile characteristics, and in the rate of patenting, are related to regulations and gas prices.

Suggested Citation

Berry, Steven T. and Kortum, Samuel S. and Pakes, Ariel, Environmental Change and Hedonic Cost Functions for Automobiles (September 1996). NBER Working Paper No. w5746. Available at SSRN: https://ssrn.com/abstract=4354

Steven T. Berry (Contact Author)

Yale University - Department of Economics ( email )

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National Bureau of Economic Research (NBER)

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Yale University - Cowles Foundation

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Samuel S. Kortum

University of Chicago - Department of Economics ( email )

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National Bureau of Economic Research (NBER)

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Ariel Pakes

National Bureau of Economic Research (NBER) ( email )

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United States

Harvard University - Department of Economics ( email )

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United States
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617-495-8570 (Fax)

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