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ANNUAL SURVEY SUPPLEMENT THE YEAR 1933 \ye iirc ncnrly n t tlic c d of tlic yciir 1033 n ~i d our Anuiinl Survcy Nttttrb~r coiistitutcs nriotlicr riiilcstonc in our progress. \Ye propose to reflect for n short tiine 011 sonic of tlic cveiits during this yciir tlint hnrc been of interest to chciiiist
## THE DEPARTING YEAR \Vc Iicivc 110 rciisoii to think t,liiit i t iviis lit tile wry end of Dccciiibcr tliiit, C'olcridgc snw tlic t rriiii of t,hc deporting ycrir. I-ic mny well hnvc bccii iiblc n fcw wccke carlicr to scc tlic pngcnnt of tlint, period iiiiirslinllcd bcforc Iiini. N'c tlicreforc
## Abstract This paper investigates whether the net benefits from owning a vehicle, proxied by annual miles driven, explain the price declines observed over a vehicle's life. We first model the household decision on how much to drive each of its vehicles. Then we empirically establish that variatio