The role of expectations on automobile demand |
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| Institution: | 2. Stem Cell and Regenerative Medicine Institute, University of Rochester Medical Center, Rochester, NY, United States;3. The Rochester Aging Research Center, University of Rochester Medical Center, Rochester, NY, United States;1. Department of Nursing and Midwifery, Kathmandu University School of Medical Sciences, Kavrepalanchowk, Dhulikhel, Nepal;2. Department of Surgery, Dhulikhel Hospital, Kathmandu University School of Medical Sciences, Kavrepalanchowk, Dhulikhel, Bagmati Province, Nepal;1. Shanghai Key Laboratory of Multiphase Flow and Heat Transfer in Power Engineering, School of Energy and Power Engineering, University of Shanghai for Science and Technology, Shanghai 200093, P. R. China;2. Guangdong Provincial Key Laboratory of Optical Information Materials and Technology, South China Academy of Advanced Optoelectronics, South China Normal University, Guangzhou 510006, P. R. China;3. School of Mechanical and Aerospace Engineering, Nanyang Technological University, Singapore 639798, Singapore;4. DOE Key Laboratory of Power Machinery and Engineering, School of Mechanical Engineering, Shanghai Jiaotong University, Shanghai 200240, P. R. China |
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| Abstract: | This study investigates the influence of adaptive expectations on the purchase of automobiles by income quintile. Through maximum likelihood estimation, it is found that the coefficients of adaptation to income exhibit a trend towards faster rates in the upper quintiles. The effects of a “truncation remainder” and of serial correlation are also noted. |
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