The demand for automated vehicles: A synthesis of willingness-to-pay surveys
Economics of Transportation, 2020, vol. 23, issue C
This paper synthesises the findings of surveys of consumer willingness-to-pay for vehicle automation. Some studies report only mean or median estimates of willingness-to-pay for vehicle automation. Other studies provide data enabling demand functions to be derived. Six demand functions have been estimated and are compared. Maximum willingness-to-pay (around 25,000 to 40,000 US dollars) exceeds low estimates of the added costs of automated vehicles (around 10,000 US dollars). On average, close to 30% of respondents state zero willingness to pay more for an automated car than for a conventional car. Based on current knowledge, it is likely that a majority of consumers will initially find automated vehicles too expensive. However, the price of automated vehicles can be expected to fall as technology matures and vehicles are manufactured in larger numbers.
Keywords: Automated cars; Willingness-to-pay; Demand functions; Cost estimates; Predicting demand (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecotra:v:23:y:2020:i:c:s2212012220300666
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