Externalities from driving luxury cars

<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.loc.gov/MARC21/slim http://www.loc.gov/standards/marcxml/schema/MARC21slim.xsd">
  <record>
    <leader>00000cab a2200000   4500</leader>
    <controlfield tag="001">MAP20180003851</controlfield>
    <controlfield tag="003">MAP</controlfield>
    <controlfield tag="005">20180301125422.0</controlfield>
    <controlfield tag="008">180207e20171204esp|||p      |0|||b|spa d</controlfield>
    <datafield tag="040" ind1=" " ind2=" ">
      <subfield code="a">MAP</subfield>
      <subfield code="b">spa</subfield>
      <subfield code="d">MAP</subfield>
    </datafield>
    <datafield tag="084" ind1=" " ind2=" ">
      <subfield code="a">322</subfield>
    </datafield>
    <datafield tag="100" ind1=" " ind2=" ">
      <subfield code="0">MAPA20130003016</subfield>
      <subfield code="a">Carol Park, Sojung</subfield>
    </datafield>
    <datafield tag="245" ind1="1" ind2="0">
      <subfield code="a">Externalities from driving luxury cars</subfield>
      <subfield code="c">Sojung Carol Park, Sangeun Han</subfield>
    </datafield>
    <datafield tag="520" ind1=" " ind2=" ">
      <subfield code="a">Driving luxury cars creates negative externalities. Driving a luxury car increases property damage liability insurance costs for all drivers due to the striking differences in repair costs of luxury cars and nonluxury cars in Korea. In this study, we estimate the externalities related to auto accidents involving luxury cars by running a two-part model using unbalanced individual-level panel data on insurance claims and characteristics of the insured party. We find evidence of negative externalities in all of our results. To be specific, a 1 percent increase in luxury cars raises the property damage liability costs by 1.92.6 percent per claim. The estimated nationwide increase in the cost of liability due to driving of luxury cars in Korea is USD 139196 million per year. This cost is shared by all drivers nationwide.</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080557287</subfield>
      <subfield code="a">Automóviles</subfield>
    </datafield>
    <datafield tag="650" ind1=" " ind2="4">
      <subfield code="0">MAPA20080635190</subfield>
      <subfield code="a">Seguro de responsabilidad civil de automóviles</subfield>
    </datafield>
    <datafield tag="651" ind1=" " ind2="1">
      <subfield code="0">MAPA20120018334</subfield>
      <subfield code="a">Corea del Sur</subfield>
    </datafield>
    <datafield tag="773" ind1="0" ind2=" ">
      <subfield code="w">MAP20077001748</subfield>
      <subfield code="t">Risk management & insurance review</subfield>
      <subfield code="d">Malden, MA : The American Risk and Insurance Association by Blackwell Publishing, 1999-</subfield>
      <subfield code="x">1098-1616</subfield>
      <subfield code="g">04/12/2017 Tomo 20 Número 3 - 2017 , P. 391-427</subfield>
    </datafield>
  </record>
</collection>