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Investigating the distribution of the value of travel time savings

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Author Info
Mogens Fosgerau (Danish Transport Research Institute)

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Abstract

The distribution of the value of travel time savings (VTTS) is investigated employing various nonparametric techniques on a large, high quality data set. When background variables are not included in the model it is found that the right 13% tail of the distribution is not observed and hence the mean VTTS cannot be evaluated. This conclusion changes when background variables are introduced into a semiparametric model. A partially constrained Johnson SB distribution allowing evaluation of the mean VTTS is accepted against the nonparametric alternative and is preferred among 16 candidates for parametric VTTS distributions. The resulting mean VTTS is plausible but three times larger than the mean VTTS evaluated from a simple logit model and half as big as that arising from a model assuming a lognormal distribution for the VTTS. Such findings indicate the importance of properly accounting for the distribution when estimating the mean VTTS. The present findings may be used to guide the choice of mixing distribution in a mixed logit model.

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Publisher Info
Paper provided by EconWPA in its series Urban/Regional with number 0411006.

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Length: 37 pages
Date of creation: 25 Nov 2004
Date of revision:
Handle: RePEc:wpa:wuwpur:0411006

Note: Type of Document - pdf; pages: 37. Replaces earlier paper: Nonparametric and semiparametric estimation of the distribution of the value of travel time savings
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Web page: http://129.3.20.41

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Related research
Keywords: value of travel time savings; time; transport; VTTS; distribution; nonparametric; semiparametric; Klein-Spady; Zheng; Johnson SB; lognormal;

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Find related papers by JEL classification:
R41 - Urban, Rural, and Regional Economics - - Transportation Systems - - - Transportation: Demand, Supply, and Congestion
C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Semiparametric and Nonparametric Methods
C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Heckman, James & Singer, Burton, 1984. "A Method for Minimizing the Impact of Distributional Assumptions in Econometric Models for Duration Data," Econometrica, Econometric Society, vol. 52(2), pages 271-320, March. [Downloadable!] (restricted)
  2. Arthur Lewbel & Oliver Linton & Daniel McFadden, 1997. "Estimating Features of a Distribution from Binomial Data," Boston College Working Papers in Economics 442, Boston College Department of Economics, revised 04 Sep 2006. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Fosgerau, Mogens, 2007. "Using nonparametrics to specify a model to measure the value of travel time," MPRA Paper 12009, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  2. De Borger B. & Mogens F., 2006. "Discrete choices and the trade off between money and time: Another test of the theory of reference dependent preferences," Working Papers 2006034, University of Antwerp, Faculty of Applied Economics. [Downloadable!]
  3. Fosgerau, Mogens & Bierlaire, Michel, 2007. "Circumventing the problem of the scale: discrete choice models with multiplicative error terms," MPRA Paper 3901, University Library of Munich, Germany. [Downloadable!]
  4. David Hensher, 2006. "The Signs of the Times: Imposing a Globally Signed Condition on Willingness to Pay Distributions," Transportation, Springer, vol. 33(3), pages 205-222, 05. [Downloadable!] (restricted)
  5. Fosgerau, Mogens & Hess, Stephane, 2008. "Competing methods for representing random taste heterogeneity in discrete choice models," MPRA Paper 10038, University Library of Munich, Germany. [Downloadable!]
  6. De Borger, Bruno & Fosgerau, Mogens, 2008. "Discrete choices and the trade-off between money and time: A test of the theory of reference-dependent preferences," MPRA Paper 3904, University Library of Munich, Germany. [Downloadable!]
  7. Fosgerau, Mogens & Hjort, Katrine & Vincent Lyk-Jensen, Stéphanie, 2007. "An approach to the estimation of the distribution of marginal valuations from discrete choice data," MPRA Paper 3907, University Library of Munich, Germany. [Downloadable!]
  8. Fosgerau, Mogens & Nielsen, Søren Feodor, 2007. "Deconvoluting preferences and errors: a model for binomial panel data," MPRA Paper 3950, University Library of Munich, Germany. [Downloadable!]
  9. Swärdh, Jan-Erik, 2008. "Is the intertemporal income elasticity of the value of travel time unity?," Working Papers 2008:3, Swedish National Road & Transport Research Institute (VTI). [Downloadable!]
  10. Mogens Fosgerau, 2005. "Unit income elasticity of the value of travel time savings," Urban/Regional 0508007, EconWPA. [Downloadable!]
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