The Surprising Incidence of Tax Credits for the Toyota Prius
利用交易微观数据，发现联邦和州的税收抵免完全被消费者获得，而非丰田公司，这与生产约束下的预期相反，并基于搜索摩擦提出跨期定价解释。
This paper estimates the incidence of tax incentives for the Toyota Prius. Transaction microdata indicate that both federal and state incentives were fully captured by consumers. This is surprising because Toyota faced a binding production constraint, which suggests that they could have appropriated the gains. The paper proffers an explanation based on an intertemporal link in pricing that stems from search frictions, which has the unconventional implication that statutory burden influenced economic burden. The paper develops a bounding estimator to account for endogenous selection into preferential tax regimes that may be useful in other contexts.