Engers, Maxim; Hartmann, Monica; Stern, Steven - In: Journal of Applied Econometrics 24 (2009) 1, pp. 1-33
This paper investigates whether the net benefits from owning a vehicle, proxied by annual miles driven, explain the price declines observed over a vehicle's life. We first model the household decision on how much to drive each of its vehicles. Then we empirically establish that variation in...