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Marginal Utility of Income and value of time in urban transport

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  • Christelle Viauroux

    (University of Cincinnati)

Abstract

We relax the assumption of constancy of the marginal utility of income into a structural model of urban transportation with endogenous congestion. We examine the impact of unobserved heterogeneity in Marginal Utility (MU) of income on the determinants of travel by estimating the model using household survey data. We show that the value of time is no more statistically different across time slots and that the model is robust to all other results.

Suggested Citation

  • Christelle Viauroux, 2008. "Marginal Utility of Income and value of time in urban transport," Economics Bulletin, AccessEcon, vol. 4(3), pages 1-8.
    • Handle: RePEc:ebl:ecbull:eb-08d80014
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    References listed on IDEAS

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    1. Hanemann, W Michael, 1984. "Discrete-Continuous Models of Consumer Demand," Econometrica, Econometric Society, vol. 52(3), pages 541-561, May.
    2. Clark, Colin, 1973. "The Marginal Utility of Income," Oxford Economic Papers, Oxford University Press, vol. 25(2), pages 145-159, July.
    3. Viauroux, Christelle, 2007. "Structural estimation of congestion costs," European Economic Review, Elsevier, vol. 51(1), pages 1-25, January.
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    Cited by:

    1. Viauroux, Christelle, 2011. "Pricing urban congestion: A structural random utility model with traffic anticipation," European Economic Review, Elsevier, vol. 55(7), pages 877-902.

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    More about this item

    Keywords

    Marginal Utility of Income;

    JEL classification:

    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General

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