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Specification Of A Model To Measure The Value Of Travel Time Savings From Binomial Data

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Author Info
Mogens Fosgerau (Danish Transport Research Institute)

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Abstract

Using nonparametric methods, the paper examines the specification of a model to evaluate the distribution of willingness-to-pay (WTP) for travel time savings from binomial choice data from a simple time-cost trading experiment involving four public transport modes. A formulation in preference space in terms of constant marginal utilities is rejected in favor of a formulation in log(WTP) space for each mode. Results further indicate that the log(WTP) distribution can be decomposed into an independent random variable and a linear index shifting the location of the log(WTP) distribution, which is useful for parametric modeling. The index strongly indicates that small time savings are valued less than large time savings for all four modes in this experimental choice situation. The sign for journey duration varies significantly between modes, which could be due to self-selection into modes.

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Publisher Info
Paper provided by EconWPA in its series Urban/Regional with number 0508008.

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Length: 31 pages
Date of creation: 23 Aug 2005
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Handle: RePEc:wpa:wuwpur:0508008

Note: Type of Document - pdf; pages: 31
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Web page: http://129.3.20.41

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Related research
Keywords: Willingness-to-pay; WTP; value of travel time savings; nonparametric; semiparametric; local logit;

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Find related papers by JEL classification:
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
R41 - Urban, Rural, and Regional Economics - - Transportation Systems - - - Transportation: Demand, Supply, and Congestion

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. David A. Hensher, 2001. "Measurement of the Valuation of Travel Time Savings," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 35(1), pages 71-98, January. [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. 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!]
  2. 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!]
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