产业经济学系列讲座第124期

主题：Welfare Impacts of Fuel Economy Regulation in China

主讲人：肖俊极副教授（香港中文大学）

主持人：李玲芳副教授

时间：2015年4月3日 13:30-15:00

地点：思源楼326室

摘要：China is by far the largest new vehicle market in the world and plays an increasingly important role in the world oil market. In order to push automakers to improve fuel economy technology and reduce fuel consumption and associated externalities such as local air pollution, China adopted the Corporate Average Fuel Consumption (CAFC) standards in 2012, requiring the sales weighted average corporate fuel consumption (liters/100km) to be below a firm-specific target. This study offers the first welfare analysis on China's fuel economy regulation by developing and estimating an equilibrium model of automobile market consisting of demand and supply sides. The demand side features consumers with heterogeneous preferences and the supply side consists of multi-product firms that make pricing and vehicle attribute decisions along the technological frontier. Our analysis shows that in the short-run, the CAFC regulation would: (1) reduce average vehicle prices and increase sales; (2) lead to reduction in firm profit but a much larger increase in consumer welfare; and (3) actually increase gasoline consumption and associated externalities.

产业经济学系

2015-4-2