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Options, the value of capital, and investment

Author(s)
Abel, Andrew B.
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Massachusetts Institute of Technology. Center for Energy and Environmental Policy Research.
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Abstract
Continuing rapid growth in U.S. gasoline consumption threatens to exacerbate environmental and congestion problems. We use flexible semiparametric and nonparametric methods to guide analysis of household gasoline consumption, and including this variable cuts the estimated income elasticity in half. Slower projected future growth in licensed drivers points to slower growth in gasoline consumption. A parsimonious representation of age, income, lifecycle and location effects is developed and tested. We show how flexible methods also helped reveal fundamental problems with the available price data.
Date issued
1995
URI
http://hdl.handle.net/1721.1/50184
Publisher
MIT Center for Energy and Environmental Policy Research
Other identifiers
95006
Series/Report no.
MIT-CEEPR (Series) ; 95-006WP.

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