{"title":"How has consumers' willingness to pay for the environmental value of new energy vehicles changed? Based on comparative surveys in 2016 and 2023","authors":"","doi":"10.1016/j.ribaf.2024.102508","DOIUrl":null,"url":null,"abstract":"<div><p>New energy vehicle (NEV) as an environmentally friendly product, the willingness to pay (WTP) for the environmental value of NEVs represents an effective investment by consumers in sustainable development. Understanding the specific value and its changes is crucial for developing the NEV industry and the progress of sustainable development. (<span><span>Lin and Tan, 2017</span></span>) estimated the environmental value of NEVs in 2016. Considering the significant changes in the NEV industry since then, this study re-surveyed urban residents in five provinces of China in 2023, using an ordered probit model based on the contingent valuation method (CVM) to measure changes in their WTP for the environmental value of NEVs. The findings are as follows: (1) Since 2016, urban residents have perceived substantial changes in NEV prices, costs, and performances; (2) An increasing number of people are willing to purchase NEVs, but this is tempered by factors such as insufficient range, slower charging compared to refueling, and inadequate charging infrastructure; (3) The Chinese residents' WTP for the environmental value of NEVs is 28,500 RMB, which, after adjusting for price index effects, is significantly lower than the 30,600 RMB in 2016; (4) The reasons for the decreased WTP include reduced income, higher NEV prices, increased variety and improved performance, reduced incentive policies, adequate charging infrastructure, and worsening traffic congestion. Based on these empirical results, this paper offers targeted policy recommendations.</p></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3000,"publicationDate":"2024-08-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531924003015","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
New energy vehicle (NEV) as an environmentally friendly product, the willingness to pay (WTP) for the environmental value of NEVs represents an effective investment by consumers in sustainable development. Understanding the specific value and its changes is crucial for developing the NEV industry and the progress of sustainable development. (Lin and Tan, 2017) estimated the environmental value of NEVs in 2016. Considering the significant changes in the NEV industry since then, this study re-surveyed urban residents in five provinces of China in 2023, using an ordered probit model based on the contingent valuation method (CVM) to measure changes in their WTP for the environmental value of NEVs. The findings are as follows: (1) Since 2016, urban residents have perceived substantial changes in NEV prices, costs, and performances; (2) An increasing number of people are willing to purchase NEVs, but this is tempered by factors such as insufficient range, slower charging compared to refueling, and inadequate charging infrastructure; (3) The Chinese residents' WTP for the environmental value of NEVs is 28,500 RMB, which, after adjusting for price index effects, is significantly lower than the 30,600 RMB in 2016; (4) The reasons for the decreased WTP include reduced income, higher NEV prices, increased variety and improved performance, reduced incentive policies, adequate charging infrastructure, and worsening traffic congestion. Based on these empirical results, this paper offers targeted policy recommendations.
期刊介绍：
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance
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