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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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  • Koundouri, Phoebe
  • Kountouris, Yannis
  • Stithou, Mavra

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://mpra.ub.uni-muenchen.de/38274/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 38274.

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Date of creation: 2012
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Handle: RePEc:pra:mprapa:38274

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

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  1. Hausman, Jerry A, 1978. "Specification Tests in Econometrics," Econometrica, Econometric Society, Econometric Society, vol. 46(6), pages 1251-71, November.
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  9. 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, Foundation for the European Review of Agricultural Economics, vol. 33(3), pages 391-413, September.
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  13. David Revelt & Kenneth Train, 1998. "Mixed Logit With Repeated Choices: Households' Choices Of Appliance Efficiency Level," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 647-657, November.
  14. 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, Elsevier, vol. 67(5), pages 874-882, September.
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