Attribute substitution in household vehicle portfolios
研究了多车家庭是否会在车辆之间替代属性（如燃油经济性），发现两车家庭在面临保留车辆燃油强度外生变化时表现出强烈的替代效应，这可能削弱现金换旧车等政策的效果。
Abstract Roughly three quarters of vehicles are purchased into multi‐car households. We study whether households are willing to substitute attributes, such as fuel economy, across vehicles within their portfolio. We develop a novel strategy to separately identify idiosyncratic preferences for an attribute from these within‐portfolio effects. Using the universe of household vehicle registration records in California over a 6‐year period, we find that two‐car households exhibit strong substitution across vehicles when faced with an exogenous change to fuel intensity of a kept vehicle. This effect can erode a substantial portion of the benefit from major policies, such as Cash‐for‐Clunkers.