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Can we use hedonic pricing to estimate freight value of time?

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Author Info
Jérôme Massiani

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Abstract

In this article, we investigate the use of hedonic pricing method to measure freight value of time. We concentrate on the demand side of the freight market (that is shippers) and give a pre-cise definition to transport duration. We analyse the different temporal dimensions of freight transportation and examine how equilibrium forms on the freight market. This equilibrium is defined in reference cost and duration of the transport operations. Subsequently, we analyse how standard hedonic pricing technique has to be customised to be implemented on freight value of time. In a final section, we implement hedonic analysis on a data set consisting of ship-pers’ interviews. We test different specifications and find information on the distribution of shippers' willingness to pay for transport time savings.

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Publisher Info
Paper provided by Economics and Econometrics Research Institute (EERI) in its series EERI Research Paper Series with number EERI_RP_2008_08.

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Length: 25 pages
Date of creation: 21 Oct 2008
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Handle: RePEc:eei:rpaper:eeri_rp_2008_08

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Related research
Keywords: Hedonic pricing; freight value of time.;

Find related papers by JEL classification:
R41 - Urban, Rural, and Regional Economics - - Transportation Systems - - - Transportation: Demand, Supply, and Congestion
D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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  1. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September. [Downloadable!] (restricted)
  2. Cropper, Maureen L, et al, 1993. "Valuing Product Attributes Using Single Market Data: A Comparison of Hedonic and Discrete Choice Approaches," The Review of Economics and Statistics, MIT Press, vol. 75(2), pages 225-32, May. [Downloadable!] (restricted)
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