The trade-off between money and travel time: A test of the theory of reference-dependent preferences
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Botond Kőszegi & Matthew Rabin, 2006.
"A Model of Reference-Dependent Preferences,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 121(4), pages 1133-1165.
- Koszegi, Botond & Rabin, Matthew, 2004. "A Model of Reference-Dependent Preferences," Department of Economics, Working Paper Series qt0w82b6nm, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Botond Koszegi & Matthew Rabin, 2005. "A Model of Reference-Dependent Preferences," Levine's Bibliography 784828000000000341, UCLA Department of Economics.
- Botond Koszegi & Matthew Rabin, 2004. "A Model of Reference-Dependent Preferences," Method and Hist of Econ Thought 0407001, University Library of Munich, Germany.
- Amos Tversky & Daniel Kahneman, 1991. "Loss Aversion in Riskless Choice: A Reference-Dependent Model," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(4), pages 1039-1061.
- Eric Johnson & Simon Gaechter & Andreas Herrmann, 2006.
"Exploring the Nature of Loss Aversion,"
Discussion Papers
2006-02, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Johnson, Eric J. & Gächter, Simon & Herrmann, Andreas, 2006. "Exploring the Nature of Loss Aversion," IZA Discussion Papers 2015, Institute of Labor Economics (IZA).
- James Andreoni, 1995.
"Warm-Glow versus Cold-Prickle: The Effects of Positive and Negative Framing on Cooperation in Experiments,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(1), pages 1-21.
- James Andreoni, 1994. "Warm-Glow versus Cold-Prickle: The Effects of Positive and Negative Framing on Cooperation in Experiments," Experimental 9410002, University Library of Munich, Germany.
- James Andreoni, 1997. "Warm-glow versus cold-prickle: the effect of positive and negative framing on cooperation in experiments," Levine's Working Paper Archive 671, David K. Levine.
- Andreoni, J., 1994. "Warm-Glow Versus Cold-Prickle: The Effects of Positive and Negative Farming on Cooperation in Experiments," Working papers 9406, Wisconsin Madison - Social Systems.
- B. Douglas Bernheim & Antonio Rangel, 2005.
"Behavioral Public Economics: Welfare and Policy Analysis with Non-Standard Decision-Makers,"
Discussion Papers
04-033, Stanford Institute for Economic Policy Research.
- B. Douglas Bernheim & Antonio Rangel, 2005. "Behavioral Public Economics: Welfare and Policy Analysis with Non-Standard Decision-Makers," NBER Working Papers 11518, National Bureau of Economic Research, Inc.
- Anthony J. Venables, 2007.
"Evaluating Urban Transport Improvements: Cost-Benefit Analysis in the Presence of Agglomeration and Income Taxation,"
Journal of Transport Economics and Policy, University of Bath, vol. 41(2), pages 173-188, May.
- Anthony J. Venables, 2004. "Evaluating Urban Transport Improvements: Cost Benefit Analysis in the Presence of Agglomeration and Income Taxation," CEP Discussion Papers dp0651, Centre for Economic Performance, LSE.
- Venables, Tony, 2004. "Evaluating urban transport improvements: cost benefit analysis in the presence of agglomeration and income taxation," LSE Research Online Documents on Economics 2205, London School of Economics and Political Science, LSE Library.
- Fosgerau, Mogens & Bierlaire, Michel, 2007.
"A practical test for the choice of mixing distribution in discrete choice models,"
Transportation Research Part B: Methodological, Elsevier, vol. 41(7), pages 784-794, August.
- Mogens Fosgerau & Michel Bierlaire, 2005. "A practical test for the choice of mixing distribution in a discrete choice model," Econometrics 0512002, University Library of Munich, Germany.
- Fosgerau, Mogens & Bierlaire, Michel, 2007. "A practical test for the choice of mixing distribution in discrete choice models," MPRA Paper 42276, University Library of Munich, Germany.
- Brueckner, Jan K., 2005.
"Transport subsidies, system choice, and urban sprawl,"
Regional Science and Urban Economics, Elsevier, vol. 35(6), pages 715-733, November.
- Jan K. Brueckner, 2003. "Transport Subsidies, System Choice, and Urban Sprawl," CESifo Working Paper Series 1090, CESifo.
- Fosgerau, Mogens, 2006.
"Investigating the distribution of the value of travel time savings,"
Transportation Research Part B: Methodological, Elsevier, vol. 40(8), pages 688-707, September.
- Mogens Fosgerau, 2004. "Investigating the distribution of the value of travel time savings," Urban/Regional 0411006, University Library of Munich, Germany.
- Mogens Fosgerau, 2004. "Investigating the distribution of the value of travel time savings," Urban/Regional 0410005, University Library of Munich, Germany, revised 25 Nov 2004.
- John A. List, 2004.
"Neoclassical Theory Versus Prospect Theory: Evidence from the Marketplace,"
Econometrica, Econometric Society, vol. 72(2), pages 615-625, March.
- John A. List, 2003. "Neoclassical Theory Versus Prospect Theory: Evidence from the Marketplace," NBER Working Papers 9736, National Bureau of Economic Research, Inc.
- John List, 2004. "Neoclassical theory versus prospect theory: Evidence from the marketplace," Framed Field Experiments 00174, The Field Experiments Website.
- Randall, Alan & Stoll, John R, 1980. "Consumer's Surplus in Commodity Space," American Economic Review, American Economic Association, vol. 70(3), pages 449-455, June.
- Henry Stott, 2006. "Cumulative prospect theory's functional menagerie," Journal of Risk and Uncertainty, Springer, vol. 32(2), pages 101-130, March.
- Horowitz, John K. & McConnell, K. E., 2003. "Willingness to accept, willingness to pay and the income effect," Journal of Economic Behavior & Organization, Elsevier, vol. 51(4), pages 537-545, August.
- Ninette Pilegaard & Mogens Fosgerau, 2008.
"Cost Benefit Analysis of a Transport Improvement in the Case of Search Unemployment,"
Journal of Transport Economics and Policy, University of Bath, vol. 42(1), pages 23-42, January.
- Pilegaard, Ninette & Fosgerau, Mogens, 2008. "Cost benefit-analysis of a transport improvement in the case of search unemployment," MPRA Paper 10037, University Library of Munich, Germany.
- Cameron, Trudy Ann & James, Michelle D, 1987.
"Efficient Estimation Methods for "Closed-ended' Contingent Valuation Surveys,"
The Review of Economics and Statistics, MIT Press, vol. 69(2), pages 269-276, May.
- Trudy Ann Cameron & Michelle D. James, 1986. "Efficient Estimation Methods for "Closed-Ended" Contingent Valuation Surveys," UCLA Economics Working Papers 404, UCLA Department of Economics.
- Peter A. Diamond & Jerry A. Hausman, 1994. "Contingent Valuation: Is Some Number Better than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 45-64, Fall.
- Munro, Alistair & Sugden, Robert, 2003. "On the theory of reference-dependent preferences," Journal of Economic Behavior & Organization, Elsevier, vol. 50(4), pages 407-428, April.
- Daniel Kahneman & Amos Tversky, 2013.
"Prospect Theory: An Analysis of Decision Under Risk,"
World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127,
World Scientific Publishing Co. Pte. Ltd..
- Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
- Bruno De Borger & Stef Proost (ed.), 2001. "Reforming Transport Pricing in the European Union," Books, Edward Elgar Publishing, number 1822.
- Ian Bateman & Alistair Munro & Bruce Rhodes & Chris Starmer & Robert Sugden, 1997. "A Test of the Theory of Reference-Dependent Preferences," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 112(2), pages 479-505.
- Fosgerau, Mogens, 2007.
"Using nonparametrics to specify a model to measure the value of travel time,"
Transportation Research Part A: Policy and Practice, Elsevier, vol. 41(9), pages 842-856, November.
- Fosgerau, Mogens, 2007. "Using nonparametrics to specify a model to measure the value of travel time," MPRA Paper 12009, University Library of Munich, Germany.
- Calfee, John & Winston, Clifford, 1998. "The value of automobile travel time: implications for congestion policy," Journal of Public Economics, Elsevier, vol. 69(1), pages 83-102, July.
- Kenneth A. Small & Clifford Winston & Jia Yan, 2005. "Uncovering the Distribution of Motorists' Preferences for Travel Time and Reliability," Econometrica, Econometric Society, vol. 73(4), pages 1367-1382, July.
- Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-1348, December.
- Bateman, Ian & Kahneman, Daniel & Munro, Alistair & Starmer, Chris & Sugden, Robert, 2005. "Testing competing models of loss aversion: an adversarial collaboration," Journal of Public Economics, Elsevier, vol. 89(8), pages 1561-1580, August.
- Jiang, Meilan & Morikawa, Takayuki, 2004. "Theoretical analysis on the variation of value of travel time savings," Transportation Research Part A: Policy and Practice, Elsevier, vol. 38(8), pages 551-571, October.
- Shlomo Benartzi & Richard H. Thaler, 1995.
"Myopic Loss Aversion and the Equity Premium Puzzle,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 110(1), pages 73-92.
- Shlomo Benartzi & Richard H. Thaler, 1993. "Myopic Loss Aversion and the Equity Premium Puzzle," NBER Working Papers 4369, National Bureau of Economic Research, Inc.
- Wardman, Mark, 0. "A review of British evidence on time and service quality valuations," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 37(2-3), pages 107-128, April.
- Charles R. Plott & Kathryn Zeiler, 2005. "The Willingness to Pay–Willingness to Accept Gap, the "Endowment Effect," Subject Misconceptions, and Experimental Procedures for Eliciting Valuations," American Economic Review, American Economic Association, vol. 95(3), pages 530-545, June.
- Cantillo, Víctor & Heydecker, Benjamin & de Dios Ortúzar, Juan, 2006. "A discrete choice model incorporating thresholds for perception in attribute values," Transportation Research Part B: Methodological, Elsevier, vol. 40(9), pages 807-825, November.
- David Hensher, 2001. "The valuation of commuter travel time savings for car drivers: evaluating alternative model specifications," Transportation, Springer, vol. 28(2), pages 101-118, May.
- Lars Hultkrantz & Reza Mortazavi, 2001. "Anomalies in the Value of Travel-Time Changes," Journal of Transport Economics and Policy, University of Bath, vol. 35(2), pages 285-299, May.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- De Borger, Bruno & Fosgerau, Mogens, 2007. "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.
- DE BORGER, Bruno & FOSGERAU, Mogens, 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 Business and Economics.
- Katrine Hjorth & Mogens Fosgerau, 2011. "Loss Aversion and Individual Characteristics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 49(4), pages 573-596, August.
- Simon Gächter & Eric J. Johnson & Andreas Herrmann, 2022.
"Individual-level loss aversion in riskless and risky choices,"
Theory and Decision, Springer, vol. 92(3), pages 599-624, April.
- Simon Gaechter & Eric Johnson & Andreas Herrmann, 2007. "Individual-Level Loss Aversion In Riskless And Risky Choices," Discussion Papers 2007-02, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Gächter, Simon & Johnson, Eric J. & Herrmann, Andreas, 2007. "Individual-Level Loss Aversion in Riskless and Risky Choices," IZA Discussion Papers 2961, Institute of Labor Economics (IZA).
- Simon Gaechter & Eric J. Johnson & Andreas Herrmann, 2010. "Individual-level loss aversion in riskless and risky choices," Discussion Papers 2010-20, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Börjesson, Maria & Fosgerau, Mogens & Algers, Staffan, 2012.
"Catching the tail: Empirical identification of the distribution of the value of travel time,"
Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(2), pages 378-391.
- Börjesson, Maria & Fosgerau, Mogens & Algers, Staffan, 2012. "Catching the Tail: Empirical Identification of the Distribution of the Value of Travel Time," MPRA Paper 69099, University Library of Munich, Germany.
- Fosgerau, Mogens, 2008. "Hedonic preferences, symmetric loss aversion and the willingness to pay-willingness to accept gap," MPRA Paper 10041, University Library of Munich, Germany.
- Gächter, Simon & Johnson, Eric J. & Herrmann, Andreas, 2007.
"Individual-Level Loss Aversion in Riskless and Risky Choices,"
IZA Discussion Papers
2961, Institute of Labor Economics (IZA).
- Simon Gaechter & Eric J. Johnson & Andreas Herrmann, 2010. "Individual-level loss aversion in riskless and risky choices," Discussion Papers 2010-20, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Simon Gaechter & Eric Johnson & Andreas Herrmann, 2007. "Individual-Level Loss Aversion In Riskless And Risky Choices," Discussion Papers 2007-02, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Simon Gaechter & Eric Johnson & Andreas Herrmann, 2007. "Individual-Level Loss Aversion In Riskless And Risky Choices," Discussion Papers 2007-02, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Simon Gaechter & Eric J. Johnson & Andreas Herrmann, 2010. "Individual-level loss aversion in riskless and risky choices," Discussion Papers 2010-20, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Jacobs Martin, 2016. "Accounting for Changing Tastes: Approaches to Explaining Unstable Individual Preferences," Review of Economics, De Gruyter, vol. 67(2), pages 121-183, August.
- Masatlioglu, Yusufcan & Uler, Neslihan, 2013. "Understanding the reference effect," Games and Economic Behavior, Elsevier, vol. 82(C), pages 403-423.
- Fosgerau, Mogens, 2007.
"Using nonparametrics to specify a model to measure the value of travel time,"
Transportation Research Part A: Policy and Practice, Elsevier, vol. 41(9), pages 842-856, November.
- Fosgerau, Mogens, 2007. "Using nonparametrics to specify a model to measure the value of travel time," MPRA Paper 12009, University Library of Munich, Germany.
- Andrea Isoni, 2011. "The willingness-to-accept/willingness-to-pay disparity in repeated markets: loss aversion or ‘bad-deal’ aversion?," Theory and Decision, Springer, vol. 71(3), pages 409-430, September.
- Botond Kőszegi & Matthew Rabin, 2006.
"A Model of Reference-Dependent Preferences,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 121(4), pages 1133-1165.
- Botond Koszegi & Matthew Rabin, 2004. "A Model of Reference-Dependent Preferences," Method and Hist of Econ Thought 0407001, University Library of Munich, Germany.
- Koszegi, Botond & Rabin, Matthew, 2004. "A Model of Reference-Dependent Preferences," Department of Economics, Working Paper Series qt0w82b6nm, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Botond Koszegi & Matthew Rabin, 2005. "A Model of Reference-Dependent Preferences," Levine's Bibliography 784828000000000341, UCLA Department of Economics.
- Lindsey, Robin, 2011.
"State-dependent congestion pricing with reference-dependent preferences,"
Transportation Research Part B: Methodological, Elsevier, vol. 45(10), pages 1501-1526.
- Lindsey, Robin, 2010. "State-dependent congestion pricing with reference-dependent preferences," Working Papers 2010-4, University of Alberta, Department of Economics.
- Biel, Anders & Johansson-Stenman, Olof & Nilsson, Andreas, 2011.
"The willingness to pay–willingness to accept gap revisited: The role of emotions and moral satisfaction,"
Journal of Economic Psychology, Elsevier, vol. 32(6), pages 908-917.
- Biel, Anders & Johansson-Stenman, Olof & Nilsson, Andreas, 2011. "The Willingness to Pay-Willingness to Accept Gap Revisited: The Role of Emotions and Moral Satisfaction," Working Papers in Economics 497, University of Gothenburg, Department of Economics.
- John K. Horowitz & Kenneth E. McConnell & James J. Murphy, 2013.
"Behavioral foundations of environmental economics and valuation,"
Chapters, in: John A. List & Michael K. Price (ed.), Handbook on Experimental Economics and the Environment, chapter 4, pages 115-156,
Edward Elgar Publishing.
- John K. Horowitz & Kenneth E. McConnell & James J. Murphy, 2012. "Behavioral Foundations of Environmental Economics and Valuation," Working Papers 2012-03, University of Alaska Anchorage, Department of Economics.
- Hochman, Guy & Ayal, Shahar & Ariely, Dan, 2014. "Keeping your gains close but your money closer: The prepayment effect in riskless choices," Journal of Economic Behavior & Organization, Elsevier, vol. 107(PB), pages 582-594.
- Per Engström & Katarina Nordblom & Henry Ohlsson & Annika Persson, 2015.
"Tax Compliance and Loss Aversion,"
American Economic Journal: Economic Policy, American Economic Association, vol. 7(4), pages 132-164, November.
- Engström, Per & Nordblom, Katarina & Ohlsson, Henry & Persson, Annika, 2011. "Loss evasion and tax aversion," Working Paper Series 2011:17, Uppsala University, Department of Economics.
- Engström, Per & Nordblom, Katarina & Ohlsson, Henry & Persson, Annika, 2011. "Loss evasion and tax aversion," Working Paper Series, Center for Fiscal Studies 2011:11, Uppsala University, Department of Economics.
- Engström, Per & Nordblom, Katarina & Ohlsson, Henry & Persson, Annika, 2011. "Loss evasion and tax aversion," Working Papers in Economics 518, University of Gothenburg, Department of Economics.
- Biel, Anders & Johansson-Stenman, Olof & Nilsson, Andreas, 2006. "Emotions, Morality and Public Goods: The WTA-WTP Disparity Revisited," Working Papers in Economics 193, University of Gothenburg, Department of Economics.
- Teck H. Ho & Noah Lim & Colin Camerer, 2005. "Modeling the Psychology of Consumer and Firm Behavior with Behavioral Economics," Levine's Bibliography 784828000000000476, UCLA Department of Economics.
- Committee, Nobel Prize, 2017. "Richard H. Thaler: Integrating Economics with Psychology," Nobel Prize in Economics documents 2017-1, Nobel Prize Committee.
More about this item
Keywords
Reference-dependence Loss aversion WTP-WTA gap Value of time;Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:juecon:v:64:y:2008:i:1:p:101-115. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/622905 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.