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Valuation of Travel Time Savings in WTP and Preference Space in the Presence of Taste and Scale Heterogeneity

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  • David A. Hensher
  • William H. Greene

Abstract

A major concern with the derivation of willingness to pay (WTP) distributions from mixed logit models is the incidence of values over a range that are deemed 'behaviourally questionable', with respect to the sign and magnitude. Recent research in redefining the 'space' within which a choice model is estimated as WTP space, instead of preference-space, has offered encouraging evidence in reducing the range of behavioural implausibility. This paper develops models to compare the empirical evidence when a mixed logit model is estimated with unconstrained distributions on random parameters in WTP and preference space, taking into account scale and the correlation between the attributes. The findings suggest that the gap between the evidence in WTP and preference space narrows significantly when both scale and preference heterogeneity are identified. © 2011 LSE and the University of Bath

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Bibliographic Info

Article provided by London School of Economics and University of Bath in its journal Journal of Transport Economics and Policy (JTEP).

Volume (Year): 45 (2011)
Issue (Month): 3 (September)
Pages: 505-525

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Handle: RePEc:tpe:jtecpo:v:45:y:2011:i:3:p:505-525

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Web page: http://www.bath.ac.uk/e-journals/jtep

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Cited by:
  1. ALVES, MARIA ODETE & VALENTE, AIRTON SABOYA Jr, 2006. "Comunicação Rural Entre Três Atores Nas Áreas De Concentração De Fruteiras No Nordeste Brasileiro:," 44th Congress, July 23-27, 2006, Fortaleza, Ceará, Brazil 148515, Sociedade Brasileira de Economia, Administracao e Sociologia Rural (SOBER).
  2. Kimberly Jensen & Christopher Clark & Burton English & Dustin Toliver, 2012. "Effects of Demographics and Attitudes on Willingness-to-Pay for Fuel Import Reductions through Ethanol Purchases," Agriculture, MDPI, Open Access Journal, vol. 2(3), pages 165-181, July.
  3. Santos, Jair Carvalho Dos, 2006. "Estimativa De Custo De Coleta E Rentabilidade Para Sistema Extrativo De Latex De Seringueira Na Amazonia," 44th Congress, July 23-27, 2006, Fortaleza, Ceará, Brazil 145689, Sociedade Brasileira de Economia, Administracao e Sociologia Rural (SOBER).
  4. Kragt, Marit Ellen, 2013. "Comparing models of unobserved heterogeneity in environmental choice experiments," Working Papers 144447, University of Western Australia, School of Agricultural and Resource Economics.
  5. Leite, Sheila Cristina Ferreira & De Figueiredo, Margarida Garcia, 2006. "Fluxos De Algodão Em Pluma Para Exportação No Estado Da Bahia: Uma Aplicação De Programação Linear," 44th Congress, July 23-27, 2006, Fortaleza, Ceará, Brazil 149116, Sociedade Brasileira de Economia, Administracao e Sociologia Rural (SOBER).
  6. Fezzi, Carlo & Bateman, Ian J. & Ferrini, Silvia, 2014. "Using revealed preferences to estimate the Value of Travel Time to recreation sites," Journal of Environmental Economics and Management, Elsevier, vol. 67(1), pages 58-70.
  7. Rocha, Luiz Eduardo Vasconcelos & Bastos, Patricia De Melo Abrita & Santos, Gilnei Costa, 2006. "Evolução Da Distribuição Da Renda E Da Pobreza Das Famílias Ocupadas E Residentes No Meio Rural Do Estado De Minas Gerais, De 1981 A 2003," 44th Congress, July 23-27, 2006, Fortaleza, Ceará, Brazil 148649, Sociedade Brasileira de Economia, Administracao e Sociologia Rural (SOBER).
  8. Massuquetti, Angelica, 2006. "Algumas Reflexões Acerca Do Espaço De Investigação Sobre O," 44th Congress, July 23-27, 2006, Fortaleza, Ceará, Brazil 149051, Sociedade Brasileira de Economia, Administracao e Sociologia Rural (SOBER).
  9. Li, Xiaogu & Clark, Christopher D & Jensen, Kimberly L & Yen, Steven T, 2013. "The Effect of Mail-in Utility Rebates on Willingness-to-Pay for ENERGY STAR® Certified Refrigerators," 2014 Annual Meeting, February 1-4, 2014, Dallas, Texas 159795, Southern Agricultural Economics Association.
  10. Doherty, Edel & Campbell, Danny & Hynes, Stephen, 2012. "Exploring cost heterogeneity in recreational demand," Working Papers 148832, Socio-Economic Marine Research Unit, National University of Ireland, Galway.

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