An Economic Analysis of Scrappage

Robert Hahn

RAND Journal of Economics, 1995, vol. 26, issue 2, 222-242

Abstract: This article examines the impact of policies aimed at encouraging the retirement of older, high-polluting vehicles, such as the "cash for clunkers" policy endorsed by President George Bush in 1992. The analysis assesses the likely benefits and costs of vehicle scrappage programs. I also address the interaction of a scrappage program with other ongoing policies, such as improved inspection and maintenance. Finally, the simulation for Los Angeles suggests plausible design values for a scrappage program.

Date: 1995
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