Section I. Cars

Anonymous

National Institute Economic Review, 1967, vol. 40, 35-44

Abstract: Both the models whose performance is reviewed here(1) made use of the concept of a ‘depreciated stock’, and consisted of a relationship between income and other variables and depreciated car stock. To quote the original article : “ Most forecasts of demand normally attempt first to establish some historical relationship between movements in the consumption of the commodity in question, and changes in incomes and relative prices; these relationships are then used for forecasting. With cars (as with other durables) there is a difficulty about the concept of consumption. A car is not ‘consumed ‘immediately upon purchase; it lasts a considerable number of years. Further, for cars (unlike most other durables) there is a big secondhand market.”

Date: 1967
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