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Can Green Car Taxes Restore Efficiency? Evidence from the Japanese New Car Market

机译:绿色汽车税能恢复效率吗?来自日本新车市场的证据

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摘要

To quantify the economic impacts of Japan's feebate policy, a random-coefficients logit model is estimated for quarterly automobile sales between 2007 and 2012 from the Japanese new car market. For identification of the structural parameters, we exploit the policy-induced variation in effective car prices and the location of product-specific vehicle taxes as instruments. The estimated demand system allows us to simulate counterfactual Bertrand-Nash equilibria in response to alternative policy scenarios. Our results indicate that Japan's feebate policy induced a sizable increase in economic surplus, yet only a small improvement in sales-weighted average fuel efficiency, relative to the no-policy counterfactual. We also design an optimal feebate policy, which maximizes total economic surplus subject to a tax revenue constraint, by explicitly accounting for market power, product attributes, and carbon dioxide emissions rates. The policy is predicted to induce sizable improvements in both economic surplus and average fuel efficiency over Japan's feebate policy without requiring any decrease in tax revenues.
机译:为了量化日本减税政策的经济影响,估计了日本新车市场2007年至2012年之间季度汽车销量的随机系数logit模型。为了确定结构参数,我们利用政策导致的有效汽车价格差异和特定产品的车辆税的位置作为工具。估计的需求系统使我们能够模拟反事实的Bertrand-Nash均衡,以响应替代政策方案。我们的结果表明,与无政策的反事实相比,日本的低息政策导致经济顺差大幅增加,但销售加权平均燃料效率仅略有提高。我们还设计了一个最佳的退税政策,通过明确考虑市场支配力,产品属性和二氧化碳排放率,在税收约束下最大化总经济盈余。预计该政策将使日本的无税政策在经济顺差和平均燃油效率方面都得到显着改善,而无需减少税收。

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