We take advantage of a unique institutional setting that allows consumers to separately
value fuel and vehicle (or road) taxes. We estimate a structural model of vehicle choice
using consumer-level revealed preference and find that consumers undervalue both policy
instruments, but undervaluation of the latter is substantially more severe. We examine
potential explanations and document that behavioral explanations, in particular salience of
the policy instruments, lie at the root of our findings; for a number of the salient versions of …

… of Chicago Press 01032022March 2022 92 10.1086/jaere.2022.9.issue-2 978-0-226-91415-2
165382 JAERE9200010.1086/719677 Front Matter Articles JAERE202009010.1086/716700
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