Seminars & webinars
23 March, 2017

FEEM Research Seminar on "Household Diversification: The Vehicle Portfolio Effect"


Where: Milan
Location:

Fondazione Eni Enrico Mattei
Corso Magenta 63
20123 Milan

***
Video-conference
at FEEM Venice

How to reach: Google map
Event's Timetable:

h. 12.30 Seminar
In Milan a light lunch will follow the seminar for registered participants.

Information:

Registration is required. Please confirm your participation here.
The seminar will be broadcasted via GoToMeeting.
Seminars Office, seminars@feem.it

Speaker:

David Rapson, Unversity of California

Abstract

Households value diversity in many settings, including financial assets, gender of children, and occupations. This paper quantifies the extent to which multi-car households exhibit preferences for a diversified vehicle portfolio. We deploy a novel identification strategy to examine how an exogenous change in the fuel economy of a kept vehicle affects a household's choice of a second vehicle purchased and find strong preferences for a diverse portfolio in fuel economy. We further find that this effect operates via car attributes that are correlated with fuel economy, including vehicle footprint and weight. This new evidence suggests that the portfolio effect exerts a strong force that may erode a substantial portion of the expected future gasoline savings from fuel economy standards, particularly those that are attribute-based.

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Household Diversification: The Vehicle Portfolio Effect

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