"Pricing in Segmented Markets, Arbitrage and the Law of One Price: Evidence from the European ...

35 Pages·2000·0.61 MB·English

"Pricing in Segmented Markets, Arbitrage and
the Law of One Price: Evidence from the
European Car Market"
Matthias Lutz
CSGR Working Paper No. 53/00
May 2000
Centre for the Study of Globalisation and Regionalisation (CSGR), University of Warwick, Coventry
CV4 7AL, United-Kingdom. URL: gro.rgsc.www//:ptth
Pricing in Segmented Markets, Arbitrage Barriers and the Law of One Price:
Evidence from the European Car Market
Matthias Lutz1
Institute of Economics, University of St. Gallen.
CSGR Working Paper No. 53/00
May 2000
Abstract:
ehT repap senimaxe elibomotua ecirp secnereffid ni eht elgniS tekraM rof eht89-3991
period. The absolute law of one price is strongly rejected, but there is some convergence to its
evitaler .noisrev owT stes fo snoitanalpxe era :deredisnoc )i( gnittes-ecirp ni detnemgesstekram
dna )ii( egartibra .sreirrab ehT elor fo gnittes-ecirp selbairav si ylsuoires detamitserevonehw
egartibra srotcaf era ton dellortnoc .rof ecnedivE rof muigleB dna gruobmexuL stseggus tahteht
elgnis ycnerruc lliw rewol ecirp secnere f.fyildtnacifing iesgartibrA edart si osla ylekil otemoceb
.200 2dnoye bdednetx eto ns inoitpmex ekcol beh tf ievitceff eerom

sdrowyeK ,:eg aw,rantLoi ibftroaA te,tnneeeOckmirgraePMS Gravity Model.
noitacifissal cLEJ : F14, F15, 26L .

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nella G.t Sf oytisrevinU
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Dufourstrasse 48, 9000 St. Gallen, Switzerland,
303 242 21 714 +:leT
646 242 21 714 +:xaF
[email protected] m:liamE

reilrae owt tsael ta no snoitseggus suoremun rof znelhoP ekiredeirF dna renträG derfnaM lla evoba knaht ot 1sehsiw ro htua ehT
dae rll aoh w,oya Hdnre Bdn azoiva Slecra M,ytrobarkah Cardniba R,rewögll Ahtebasil Eo tosl asknah T.repa psih tf osnoisrev
89 9e 1 htdt an,arenhc elLeahc iyMllaicep s,enell a. G tfySotisrevi ne U htstatnapicitr arpanim ed sn,atfa rrdeilr anheaguorht
.kcotsoR ni kitiloplaicoS rüf niereV eht fo ecnerefnoC launnA
Non-Technical Summary
raC secirp ni eht naeporuE noinU yrav yllaitnatsbus ssorca lanoitan .stekram roF ,ecnatsnina
lacitnedi droF oednoM saw %04 erom evisnepxe ni ecnarF naht ni niapS ni yaM ,8991 dna%83
erom evisnepxe ni eht KU naht ni lagutroP ni rebmevoN .7991 detalsnarT otni etulosba,smret
eseht serugif ylpmi taht ereht era laitnatsbus egartibra sniag taht era ton .detiolpxe,yltneuqesnoC
ereht tsum eb suoires stbuod tuoba eht ytidilav fo eht wal fo eno ecirp dna eht sseccus foeht
.tcejor ptekra MelgniS
sihT repap stneserp a citametsys laciripme sisylana fo eht tnetsisrep snoitaived morf eht walfo
eno ecirp ni eh tnaeporu Erac tekr agmnirud eht 89- 3.9d9o1irep tI si desab no ecirp atad rofrevo
.st el kasr nsat soomn2rire1atcrca aen0f9fid
sonwo Ti. tdneaeirnnaa aimelmh pa Tsxxtn eesrerevi cifesntheoctlceoprs efro tsoc dpnua-kram
srotcaf rednu eht noitpmussa taht lanoitan stekram era yletelpmoc .detnemges ehTgniwollof
srotcaf era yllacitametsys detaler ot rac ecirp :slaitnereffid secnereffid ni xat ,setar
,ssenevititepmoc tekram ,erahs emoh tekram ,saib dna ffirat-non sreirrab no stropmi morf.napaJ
erehT si osla ecnedive taht egnahcxe etar segnahc era ylno yllaitrap dessap no ot ,secirpneve
retfa gniwolla rof citsemod tsoc .srotcaf nO eht tsoc ,edis secnereffid ni ruobal dnatropsnart
.snoita rse’proerut ce ,al fserfasoe heucao attnsdstatamsmoc
ehT dnoces noitanalpxe slaed ylticilpxe htiw sreirrab ot .egartibra erehT si a gniworgerutaretil
taht stseggus taht noitcasnart stsoc era tnatropmi rof .edart hcraeS stsoc ni lanoitanretniedart
dael ot gnidart‘ ’skrowten hcihw evres ot hctam lanoitanretni srelles dna ,sreyub ylralucitrapni
.wo ler astso cneh wylisa etso mpoleve dlli wskrowte nhcu S.stcudor pdetaitnereffi df oesa ceht
ehT stluser wohs taht etulosba ecirp slaitnereffid era yllacitametsys rellams nehw seirtnuocera
esolc ot hcae ,rehto erahs a nommoc egaugnal ro redrob dna eht rewol era laiciffo edart.sreirrab
egartibrA sreirrab osla raeppa ot eb retaerg nehw eht seirtnuoc devlovni reffid ni eht noitacolfo
eht gnireets leehw .e.i( dnah-tfel evird susrev dnah-thgir .)evird ehT tsegral elgnis tceffesemoc
morf gnirahs eht emas ,ycnerruc sa si eht esac ni muigleB dna .gruobmexuL ecirPslaitnereffid
neewteb eseht owt seirtnuoc era ylraen ruof egatnecrep stniop ,rewol neve retfa gniwolla roflla
.srotca frehto
,yllaniF nehw htob sepyt fo snoitanalpxe era deredisnoc ,yltnioj tsom selbairav niamer
.tnacifingis ,revewoH eht pu-kram dna tsoc srotcaf rettam ssel .won sihT stseggus tahtetipsed
eht ecnatropmi fo egartibra ,sreirrab stekram are not completely segmented. When explaining the
llarevo noisrepsid fo rac secirp ssorca eht ,UE ecnatsid ssorca stekram si eht elgnis tsom
.rotca fyrotanalpx etnatropmi
woH evitacidni si siht yduts fo a erom lareneg kcal fo noitargetni ni eht ?UE tneceRsyevrus
wohs taht ecirp secnereffid rof srac era yllautca rellams naht rof ynam rehto .sdoog sihTstseggus
s dro eosrhgtotefo ktraahmt .gtn eie klla rbg ramnm eMe ioehsnSrrteefarrvuef
owT yllaitnesse lacitilop snoisiced era ylekil ot ecneulfni eht erutuf fo ecirp noitaitnereffid nieht
.nt aerekaprcoarmuE
ehT tsrif si eht naeporuE noissimmoC ycilop sdrawot eht rac .yrtsudni ehT tnerruc kcolb
noitpmexe selbane srerutcafunam ot tcurtsbo egartibra ,edart sa eht negawskloV esac
.setartsnomed erehT era wef eraflew sdnuorg rof gnidnetxe eht noitpmexe dnoyeb ,2002 tubeht
manufacturers are likely to lobby hard to persuade the European Commission to do just that.
ehT dnoces si eht elgnis naeporuE .ycnerruc fI eht gruobmexuL-muigleB elpmaxe si adilav
ediug ot sti ylekiltcapmi , neht eht elgnis ycnerruc lliw pleh ecuder ecirp slaitnereffid nieht
.nu rgno lo tmuidem
1. noitcudortnI
How is it possible that an identical Ford Mondeo was 40% more expensive in France than in Spain
ni yaM 8991 dna %83 erom evisnepxe ni eht KU naht ni lagutroP ni rebmevoN ?7991 hcuSecirp
slaitnereffid esiar suoires stbuod tuoba eht ytidilav fo eht wal fo eno ecirp ,)POL( dnadluohs
ylniatrec ton eb devresbo ni na detarget n.itekram sihT repap smia ot thgilhgih eht srotcaf tahtthgim
eb elbisnopser rof hcus ,anemonehp suht gnidda ot eht laciripme erutaretil no gnisahcruprewop
ytirap .)PPP( ehT lanif tcidrev no eht nur-gnol ytidilav fo PPP si llits .nepo erehT era a rebmunfo
tnecer studies which provide support, in some cases even for LOP, but there are also dissenting
findings 1 . revetahW eht sweiv no PPP ni eht gnol ,nur ereht si daerpsediw tnemeerga tahtnur-trohs
snoitaived era ylhgih tnetsisrep ,ffogoR( .)6991 nI siht ,repap owt snoitanalpxe era dereffo rofeht
tnetsisrep snoitaived morf eht wal fo eno ecirp ni eht naeporuE rac :tekram )a gnittes-ecirpni
.egartibr ao tsreirra b) bdn astekra mevititepmo cyltcefrepmi
ehT yek tcepsa gnihsiugnitsid siht yduts morf eht lareneg PPP erutaretil si eht esu fo a egral atadtes
no eht secirp fo laudividni dedart .sdoog sihT sah lareves segatnavda revo etagergga .atad ,tsriFeht
n oei tsfuro leeovh stw ba sal le fase,o iausee tid tnc ,nboxhoin detegra.ntdipc dooneeecpiwbtesSet
gniyrav esab sdoirep dna dedart-non sdoog od ton trotsid eht .sisylana ,drihT eht lacitnedisdoog
noitpmussa nac eb denimaxe dna eht ecirp atad detsujda .ylgnidrocca ,htruoF ecirp secnereffidevah
a tcerid noitaterpretni dna wolla gnihcatta a $ eulav ot laitnetop egartibra .sniag ,htfiF eht tceffefo
.yltceri ddessess ae bna csecnereffi decir pn osreirra begartibra
erehT sah neeb a llams tub gniworg rebmun fo laciripme seiduts gnisoohc a ralimis.hcaorppa
However, some have been based on disaggregated but still composite indices (e.g. Engel, 1993;
legnE dna ,sregoR ;6991 ,snikneJ )7991 dna suht ton neeb elba ot tset PPP/POL .yltceridsrehtO
revoc stcudorp fo detimil ,ytilibadart hcus sa giB scaM ,ybmuC( ;6991 ,gnO .)7991 nI rehto,sesac
eht sniag morf egartibra era ylbaborp oot llams rof hcus edart ot eb ,elbisaef hcus sa ehTtsimonocE
hsohG( dna ,floW ;4991 ,rettenK ,)7991 AEKI erutinruf lleksaH( dna ,floW )9991 ro cisabdoof
smeti toorF( te ,.la .)5991 ehT egatnavda fo eht tnerruc yduts si taht ti srevoc a doog tahtsi
ylsuougibmanu elbadart ,)selibomotua( ni a tekram taht si yllamrof detargetni eht( elgniS,)tekraM
dna erehw laitnetop egartibra sniag raeppa ot eb laitnatsbus ni( emos sesac gnideecxe SU 0005$rep
.)rac

1 Studies broadly supportive of PPP include Frankel and Rose (1996), Lothian and Taylor (1996), Panos et. al. (1997),
Obstfeld and Taylor (1997), Campa and Wolf (1997) and Edison et. al. (1997), while Engel (1996) and O’Connell
(1998) reject PPP. Froot et al. (1995) provide evidence supportive of LOP in data spanning several centuries. Surveys of
the PPP literature can be found in Dornbusch (1988), Froot and Rogoff (1995) and Rogoff (1996).
1
oslA tahwemos detaler si eht laciripme lairtsudnI noitasinagrO )OI( erutaretil no eht naeporuErac
,tekram hcus sa snetreM dna hgrubsniG ,)5891( namriK dna relleuhcS ,)0991( nevobreV )6991(dna
grebdloG dna nevobreV .)8991( ehT rojam ecnereffid si ,taht ni tsartnoc ot eht OI ,seiduts
noitatnemges fo lanoitan stekram si ton nekat sa nevig .ereh ,daetsnI a rojam sucof fo eht sisylanasi
ylesicerp no srotcaf taht yam pleh nialpxe eht eerged fo noitatnemges neewteb .stekram nIrehto
,sdrow elihw eht OI detneiro erutaretil senimaxe eht erutan fo noititepmoc neewteb ralimissdoog
within stekram , ruo niam tseretni si no noititepmoc neewteb lacitnedi sdoog ssorca markets. As the
atad tes sllaf otni eht elgnis tekram ,doirep lluf tekram noitargetni ,si ta tsael ,yllaciteroehta
plausible null sisehtopyh hcihw nac eb .detset neviG eseht tnereffid ,sevitcejbo ereht si onticilpxe
gnilledom ereh fo emos fo eht larutcurts scitsiretcarahc fo lanoitan rac stekram ni ;eporuEsredaer
interested in these issues should consult the above-mentioned studies. First and foremost, sihtrepap
fits into the tradition of empirical work on PPP and LOP. 2
A elbissop kcabward ot eht esu fo cificeps-yrtsudni atad si taht ti tonnac yllacitamotua eb
desilareneg ot rehto .srotces ehT naeporuE rac rotces sah syawla neeb eht tegrat fo cificeps smroffo
noitnevretni semloH( dna ,htimS .)5991 ehT yek ecnerefretni yadot si eht s’rotces kcolbnoitpmexe
morf niatrec stcepsa fo naeporuE noinU )UE( noititepmoc ,wal tsrif detnarg ni 5891 dna won nisti
dnoces esahp .)2002-5991( stI yek erutaef si taht ti swolla srerutcafunam ot niatniamevisulcxe
pihsrelaed smetsys ni hcae ,yrtnuoc gnivig meht a taerg laed fo lortnoc revo eht elas fo rieht.srac
Although explicitly outlawed by the European Commission (EC), the Volkswagen case 3
setartsnomed taht rac srekam era deraperp ot esu eseht srewop ot tcurtsbo egartibra neewteb
.stekra mlanoitan
sI redrob-ssorc edart ni eht rac rotces erom detcirtser naht rof rehto sdoog esuaceb fo ?siht toNfi
eno sredisnoc emos tnecer ecnedive no ecirp secnereffid rof rehto .sdoog nO eht ,yrartnoc erehtsi
ecnedive taht ecirp secnereffid rof srac era rellams naht rof ynam rehto .sdoog A 8991namheL
srehtorB troper ,AECA( ,)9991 rof ,ecnatsni dnuof taht eht dradnats snoitaived fo secirp ssorcaeht
11-oruE seirtnuoc erew hcum rehgih rof hcus dedart sdoog sa ,raewtoof ,sretupmoc dna
.slacituecamrahp A nosirapmoc fo secirp deirrac tuo yb eht naigleB remusnoc noitasinagro Test
stahcA ni enuJ 8991 ,CUEB( )8991 osla delaever laitnatsbus ,slaitnereffid .g.e %47 rof ahctaw
hctawS( ehT‘ ,)’scissalC %33 rof a riap fo snaej s’iveL‘( ,)’105 %37 rof a aremac nonaC‘(amirP
repuS )’531 dna %06 rof a DC aerdnA‘( .)’illecoB revetahW eht esicerp ,snosaer esehtsgnidnif

2 The most closely related study of the EU car market is Gual (1993) who also analyses competition across markets.
3 The Volkswagen Group was fined ECU 102 bn in January 1998 for illegally preventing non-residents from
purchasing its cars in Italy (see Lutz, 2000, for details). Mercedes, Renault, Opel and, again, Volkswagen, are currently
under investigation for similar reasons.
2
tseggus taht stekram rof rehto sdoog era osla raf morf detargetni ni eht .UE erehT si suht onnosaer
ot eveileb taht eht rac tekram si .lacipyta gniraeB ni dnim taht ti si eht tsegral gnirutcafunamrotces
ni eporuE dna taht srac era eht tseggib elgnis dedart meti ni eht egareva dlohesuohnoitpmusnoc
,teksab ereht si a doog esac rof gnisu ti ot nrael tuoba eht stimil fo naeporuE .noitargetni
,ylgnitseretnI eht egral detcejorp eraflew sniag morf eht elgniS tekraM erew ton eud ot ehtlanif
lavomer fo laiciffo edart ,sreirrab tub degnih ylegral no eht noitasilauqe fo secirp htimS(dna
.)889 1,selbaneV
ehT sisylana sdeecorp sa .swollof noitceS 2 sevig na weivrevo fo eht .atad tI senimaxe ehtlacitnedi
sdoog ,noitpmussa eht noitcnitsid neewteb ’egareva‘ PPP dna ’laudividni‘ level ,POL dnaswohs
taht ereht era egral laitnetop egartibra sniag ssorca eht .UE stseT rof etulosba susrevevitaler
PPP/POL laever taht eht etulosba snoisrev era ylraelc .detcejer egraL ecirp slaitnereffid tsisrepni
,muirbiliuqe tub eht deeps fo ecnegrevnoc si ylbaredisnoc retsaf rof laudividni naht rofegareva
.secirp ehT cirtemonoce sisylana gniyrt ot nialpxe eseht stluser nac eb dnuof ni snoitces 3 dna.4
yehT yllacitametsys esylana eht owt niam :snoitanalpxe gnittes-ecirp ni detnemges stekramdna
sreirrab ot .egartibra riehT yrotanalpxe rewop si tsrif denimaxe ni ,noitalosi erofeb ehtelbissop
pihsnoitalerretni neewteb eht owt stes fo selbairav si .deredisnoc noitceS 5 sessucsid emos
snoitatimil fo eht sisylana dna eht ylekil erutuf tnempoleved fo eht devresbo ecirp.secnereffid
.snoi shrut eliaste pcweehfantstop oenclo pi6mtocceS
2. datathe at look first A
)a The data
ehT sisylana sesu xat-erp tsil secirp rof ralupop cars which have been published by the European
noissimmoC )CE( no a launnaib sisab ecnis .3991 ehT sisylana srevoc eht 89-3991 doirepdna
sedulcni evlewt lanoitan :stekram ,airtsuA ,muigleB ,ecnarF ,ynamreG ,dnalerI ,ylatI,gruobmexuL
,sdnalrehteN ,lagutroP ,niapS nedewS dna .KU A erom deliated noitpircsed fo eht atad tes naceb
found in the Appendix. xat-erP secirp era desu rehtar naht xat-tsop secirp ecnis sexat era degrahcni
eht yrtnuoc erehw eht rac si deretsiger rehtar naht erehw ti si .desahcrup oS morf eht tniop foweiv
fo a laitnetop UE reyub xat-erp secirp era eht tnaveler .seno ehT CE stroper osla niatnoc
noitamrofni rehtehw a rebmun fo tnatropmi sartxe hcus( sa rewop gnireets ro )gninoitidnoc-riaera
dedulcni ni eht tsil .secirp lanoitiddA atad no eht lareneg noitacificeps fo hcae ledom enigne(,ezis
mumixam deeps ).cte semoc morf suoirav seussi fo What Car? ( a KU rac )ylhtnom dna 39’otuA -
99’otuA . )nCoAiDtAasi ngang irl e ro ard noeuaif athncuoemotnghrm(ateG
3
roF eht wal fo eno ecirp ot ekam ,esnes lanoitanretni ecirp snosirapmoc tsum refer ot sdooghcihw
era )i( elbadart dna )ii( tcefrep .setutitsbus ehT tsrif noitidnoc si deifsitas ,ereh ecnis eht sdoogni
noitseuq era yllareneg dlos ni llastekram 4 . ehT dnoces noitidnoc si ssel ylisae .deifsitashguohtlA
eht CE ecirp atad evah neeb detsujda ot tnuocca rof secnereffid ni esoht tnempiuqe smetiton
ylticilpxe denoitnem ni eht ,stroper emos snoitairav niamer ssorca .stekram esehT era rehtie eudot
eht noitacificeps stcepsa ylticilpxe derevoc ni eht CE ,stroper ro nehw eht ledom semoc htiwa
.yrt n cue i onefn cip iiry gatcodanhneoesepbrseffid
)b secnereffi dtnempiuq ero fgnillortnoC
oT niatbo secirp taht refer ot lacitnedi ,sledom a cinodeh ecirp noitcnuf saw .detamitsecinodeH
ecirp functions model variations in the prices of differentiated products as a function of variations in
rieht .scitsiretcarahc ehT detamitse stneiciffeoc semitemos( derrefer ot sa ticilpmi )secirp nacneht
eb desu ot hcatta a thgiew ot hcae citsiretcarahc ni eht lanif .ecirp gniwolloF dradnats ecitcarp nieht
m r ee odhkofetatmt u nssosiiatc neuc ficripno de,ehehtrutaretil
241212
(cid:229)(cid:229)(cid:229)
ln Pabe =+Xz ++ ( 1 )
tjtjmtjii tji
mtj =111==
erehw P si eht lanif ecirp dna X a wor rotcev gnitsisnoc fo eht lacisyhp scitsiretcarahc fo ledom i
itj itj
at time t ynritnuoc j , z a nmuloc rotcev fo ticilpmi secirp dna e a citsahcots rorre .mret ehT a dna
itj m
b smret era dedulcni ot erutpac rerutcafunam dna yrtnuoc-dna-emit cificeps ,stceffe.ylevitcepser
tj
noitauqE )1( saw detamitse yb yranidro tsael serauqs )SLO( gnidulcni 91 tnereffidscitsiretcarahc 5 .
ehT stluser era nwohs ni elbaT .1 ehT noisserger ledom stif eht atad yrev ,llew gninialpxe eromnaht
%59 fo eht noitairav ni secirp ssorca sledom dna .stekram llA eht yllacitsitats tnacifingis
stneiciffeoc evah eht detcepxe .ngis ehT yrtnuoc-dna-emit dna cificeps-rerutcafunam stceffeera
.tnacifingi sylhgih
ˆ
ehTdetamitse b smret nac eb desu ot mrof detsujda-ytilauq PPP .e.i( dethgiewnu egareva)ecirp
tj
secidni rof hcae yrtnuoc dna emit .doirep esehT era nwohs ni erugiF 1 gnisu( muigleB nirebmetpeS
1995 as the base). There is considerable variation, not only between countries at each point in time,
but also with respect to the relative ranking of individual countries over time. The most extreme
sesac era ,ylatI nedewS dna eht ,KU eerht seirtnuoc taht decneirepxe elbazis snoitautculf nirieht

4 There are cases where data is not available, which can be for a number of reasons. A model may no longer feature in
the EC Reports if production ceases (e.g. the Rover 111 after 1995), or new models appear only in later reports (e.g. the
Audi A3 from 1997). Certain models or makes are not sold in a given market (e.g. Lancia after it withdrew from the UK
and Irish markets in 1994). Sometimes data for a given model is missing from a particular edition. Also, Austria and
Sweden do not feature in the 1993-94 reports, having officially joined the EU in 1995. These data limitations reduce the
sample to 9240 observations (from a a possible total of 11986).
5 All estimation was performed with T.S.P. 4.4.
4
egnahcxe .setar nI ,5991 rof ,ecnatsni ylatI saw eht tsepaehc tekram no ,egareva tub nirebmevoN
7991 ti dah emoceb eht htruof tsom .evisnepxe nedewS saw eht dnoces tsepaehc tekram niyaM
,5991 emaceb eht dnoces tsom evisnepxe ni yaM ,8991 ylno ot nrut otni eht dnoces tsepaehcniaga
ni rebmevoN .8991 ehT KU saw eht driht tsepaehc tekram no egareva ni rebmevoN ,5991tub
.doire pelpma seh tf odn eeh tlitn uo sdeniame rdn areta lshtno m2 1evisnepx etso meh temaceb
5
noissergeR ecirP cinodeH :1 elbaT
Number of observations: 9240 Standard error of regression = 0.0998
R-squared = 0.954 Adjusted R-squared = 0.953
F (zero slopes) = 1054.33 Log likelihood = 8271.30
Variable Estimated Standard t-statistic P-value
Coefficient rorrE
Airconditioning 0.0241 0.0035 6.84 0.000
Automatic gearbox 0.0122 0.0090 1.36 0.175
Power steering 0.0497 0.0046 10.82 0.000
SBAsekarb 0.0300 0.0035 8.65 0.000
Driver airbag 0.0140 0.0031 4.53 0.000
Warranty (years) -0.0024 0.0035 -0.67 0.501
Delivery costs included 0.0088 0.0029 3.00 0.003
Roadside assistance included -0.0014 0.0033 -0.43 0.670
Engine size (cm 3 ) 0.2145 0.0086 24.85 0.000
Power (bhp) 0.0017 0.0002 9.05 0.000
Maximum speed (mph) 0.0057 0.0004 14.75 0.000
Acceleration (seconds, 0-60mph) 0.0075 0.0011 7.09 0.000
Miles per gallon 0.0002 0.0005 0.42 0.673
leseiD 0.0681 0.0091 7.44 0.000
Rear-wheel drive 0.1000 0.0091 11.01 0.000
Four-wheel drive 0.0482 0.0235 2.05 0.040
Size (inches 3 ) (= length · h tdiw · height · 0.0089 0.0004 20.25 0.000
10000 -4 )
Weight (kg) 0.0002 0.0000 5.55 0.000
Number of doors 0.0140 0.0021 6.54 0.000
H : a = a = .... = a F (23,9062) = 147.62 c 2 (23) = 2940.3
0 1 2
( P-value =0 .000) ( P-value =0 .000)
H : b = b = b = .... = b F (135,90621=)6 .57 c 2 (135) = 2038.1
0 1,1 2,1 1,2
( P-value =0 .000) ( P-value =0 .000)
Notes: These results refer to eq. (1). The dependent variable P is measured in ECU. See text for further details.
jti
fI ew erew detseretni ni ,PPP siht epyt fo sisylana dluow eb eht tsom .tnaveler oT nialpxeeht
stnemevom devresbo ni erugiF 1 eno dluow deen ot redisnoc srotcaf hcihw evah ediw-yrtnuoc.e.i(
)etagergga .stceffe ,revewoH egareva ecirp secidni yam edih sa hcum sa yeht .laever nevEnehw
ereht era tnacifingis ecirp secnereffid rof laudividni ,sledom owt seirtnuoc nac evah ralimisegareva
xedni seulav fi evitisop dna evitagen secnereffid lecnac .tuo nI rehto ,sdrow elihw eht POLrof
.esreve rn iesa ceh tto ns isih t,sdlo hPP Ptah tserusn esdoo glaudividni
6