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Valuing Travel Time Variability within a Rank-Dependent Utility Framework and an Investigation of Unobserved Taste Heterogeneity

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  • David A. Hensher
  • Zheng Li
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    Abstract

    Attitude towards risk is important to individual decision making. Rank-dependent utility theory is an appealing framework within which to study decision making under risk. This paper specifies Rank-Dependent Utility (RDU) models in the context of a stated choice experiment of commuter's risky route choice to (a) estimate willingness to pay for travel time, and (b) understand the risk attitudes of sampled respondents and their socioeconomic characteristics. We also allow for unobserved taste heterogeneity within an RDU framework using a mixed multinomial logit model. The findings provide a new set of empirical estimates of the value of travel time savings that allow for travel time variability combined into a single measure, referred to as the value of expected travel time savings. © 2012 LSE and the University of Bath

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    File URL: http://www.catchword.com/cgi-bin/cgi?ini=bc&body=linker&reqidx=0022-5258(20120501)46:2L.293;1-
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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): 46 (2012)
    Issue (Month): 2 (May)
    Pages: 293-312

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    Handle: RePEc:tpe:jtecpo:v:46:y:2012:i:2:p:293-312

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

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    Cited by:
    1. Cerroni, Simone & Notaro, Sandra & Raffaelli, Roberta & Shaw, Douglass W., 2013. "The incorporation of subjective risks into choice experiments to test scenario adjustment," 2013 Second Congress, June 6-7, 2013, Parma, Italy 149894, Italian Association of Agricultural and Applied Economics (AIEAA).
    2. Li, Zheng & Hensher, David A. & Rose, John M., 2013. "Accommodating perceptual conditioning in the valuation of expected travel time savings for cars and public transport," Research in Transportation Economics, Elsevier, vol. 39(1), pages 270-276.
    3. Xiao, Yu & Fukuda, Daisuke, 2013. "On the cost of misperceived travel time variability," MPRA Paper 49737, University Library of Munich, Germany.
    4. Zheng Li & David Hensher, 2013. "Behavioural implications of preferences, risk attitudes and beliefs in modelling risky travel choice with travel time variability," Transportation, Springer, vol. 40(3), pages 505-523, May.

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