![]() Both machine learning and multinomial logit models suggest that while older vehicles are more likely to be disposed of or replaced than newer ones, such probability decreases as the vehicles serve the family longer. ![]() The multinomial logistic model can achieve similar performance levels after its model specification is informed by TreeExplainer. We find the two gradient-boosting-based methods, CatBoost and LightGBM, are the best performing machine learning models for this problem. Coupled with a newly developed machine learning interpretation tool, TreeExplainer, we demonstrate an innovative use of machine learning models to augment traditional logit modeling to both generate behavioral insights and improve model performance. Leveraging a nationally representative longitudinal data set, the Panel Study of Income Dynamics, this study examines how household decisions to dispose of or replace a given vehicle are: (1) influenced by the vehicle's attributes, (2) mediated by households' concurrent socio-demographic and economic attributes, and (3) triggered by key life cycle events. What makes you hold on that old car? While the vast majority of the household vehicles are still powered by conventional internal combustion engines, the progress of adopting emerging vehicle technologies will critically depend on how soon the existing vehicles are transacted out of the household fleet. PSID is a unique resource for answering many questions in life course health development research that can be answered with no other data source. Restricted data with geocoded information and administrative data linkages are also available to authorized users under contract. PSID data and documentation are freely and publicly available on the Internet through the PSID Data Center. PSID data support research on poverty dynamics and its consequences for individual and family well-being, the intergenerational transmission of human and social capital and health status, and the family and contextual processes surrounding early human capital formation. In recent years, PSID has expanded its collection of data on children and young adults through the Child Development Supplement and Transition into Adulthood Supplement, which provide important opportunities to study the early life course. The study has a genealogical design, and adult children of respondents who split off from their parents to form their own households are recruited into the study. PSID interviews collect information on a wide range of economic, demographic, social, and health topics. The study currently covers nearly 10,000 families and 25,000 individuals and has achieved reinterview response rates of 96–98% in virtually every wave. ![]() As of 2015, a total of 39 waves of data have been collected over 47 years. It is the longest-running household panel survey in the world. The Panel Study of Income Dynamics (PSID) is a nationally representative, longitudinal study of families in the USA that began in 1968. ![]()
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