Study finds people ready to pay extra for autonomous vehicles image

Researchers at Cornell University in America have decided to look at the exact science in a bid to discover if people would – and if, how much – pay to own their fully autonomous vehicle.

It’s actually a question of finding out how much more they would be willing to pay for the fully automated features, above the normal price of the car they would acquire – and their equation has resulted in $4,900. The main story is how the scientists came with this exact figure. Instead of asking consumers directly how much, they circumvented a direct response and posed questions to a pool of 1,260 people from across the United States. They were presented with hypothetical vehicles with various prices and features, autonomous systems included among them.

After a series of experiments, as well as many pages of graphs, numbers, high end mathematics and complex economic models with formulas that tried to predict human behavior amid technological developments they came up with this $4,900 average. By the way, automakers use this kind of data because these can become crucial to developing new vehicles and systems.

Via ScienceDirect (full paper available)