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A Choice Experiments Application in Transport Infrastructure: A Case Study on Travel Time Savings, Accidents and Pollution Reduction

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  • Phoebe Koundouri
  • Yannis Kountouris
  • Mavra Stithou

Abstract

This paper presents the results of a Choice Experiment (CE) conducted to estimate the values derived from a highway construction project in Greece. To account for preference heterogeneity conditional logit with interactions and random parameter logit models are estimated. The results indicate that individuals have significant values for travel time savings, percentage decrease in traffic accidents, percentage decrease in traffic related emissions and landscape modifications. Models where the attributes are interacted with socioeconomic variables perform better and produce lower welfare estimates compared to models without interactions with important implications for cost benefit analysis.

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File URL: http://wpa.deos.aueb.gr/docs/CHOICE_EXPERIMENT.pdf
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Bibliographic Info

Paper provided by Athens University of Economics and Business in its series DEOS Working Papers with number 1227.

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Publication status: Published in Research Topics in Agricultural and Applied Economics
Handle: RePEc:aue:wpaper:1227

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Keywords: Choice experiments; transport infrastructure; travel time savings; accidents; pollution reduction;

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  1. J. A. Hausman, 1976. "Specification Tests in Econometrics," Working papers 185, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Kenneth E. Train, 1998. "Recreation Demand Models with Taste Differences over People," Land Economics, University of Wisconsin Press, vol. 74(2), pages 230-239.
  3. Nick Hanley & Robert Wright & Gary Koop, 2002. "Modelling Recreation Demand Using Choice Experiments: Climbing in Scotland," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 22(3), pages 449-466, July.
  4. Vanja Westerberg & Robert Lifran & Søren Bøye Olsen, 2008. "To restore or not? A valuation of social and ecological functions of the Marais des Baux wetland in Southern France," Working Papers 08-12, LAMETA, Universtiy of Montpellier, revised Nov 2011.
  5. D. McFadden & J. Hausman, 1981. "Specification Tests for the Multinominal Logit Model," Working papers 292, Massachusetts Institute of Technology (MIT), Department of Economics.
  6. Guy D. Garrod & Riccardo Scarpa & Kenneth G. Willis, 2002. "Estimating the Benefits of Traffic Calming on Through Routes: A Choice Experiment Approach," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 36(2), pages 211-231, May.
  7. K. K. Lancaster, 2010. "A New Approach to Consumer Theory," Levine's Working Paper Archive 1385, David K. Levine.
  8. Nick Hanley & Sergio Colombo & Dugald Tinch & Andrew Black & Ashar Aftab, 2006. "Estimating the benefits of water quality improvements under the Water Framework Directive: are benefits transferable?," European Review of Agricultural Economics, Foundation for the European Review of Agricultural Economics, vol. 33(3), pages 391-413, September.
  9. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
  10. David Hensher, 2001. "The valuation of commuter travel time savings for car drivers: evaluating alternative model specifications," Transportation, Springer, vol. 28(2), pages 101-118, May.
  11. Mariel Chladkova, Petr & Hoyos Ramos, David & Fernández Macho, Francisco Javier, 2008. "The influence of cultural identity on the WTP to protect natural resources: some empirical evidence," BILTOKI 2008-03, Universidad del País Vasco - Departamento de Economía Aplicada III (Econometría y Estadística).
  12. Coast, Joanna & Flynn, Terry N. & Natarajan, Lucy & Sproston, Kerry & Lewis, Jane & Louviere, Jordan J. & Peters, Tim J., 2008. "Valuing the ICECAP capability index for older people," Social Science & Medicine, Elsevier, vol. 67(5), pages 874-882, September.
  13. Francisco Amador & Rosa González & Juan Ortúzar, 2005. "Preference Heterogeneity and Willingness to Pay for Travel Time Savings," Transportation, Springer, vol. 32(6), pages 627-647, November.
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