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Estimating commuters' "value of time" with noisy data: a multiple imputation approach

  • Steimetz, Seiji S.C.
  • Brownstone, David
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    We estimate how motorists value their time savings and characterize the degree of heterogeneity in these values by observable traits. We obtain these estimates by analyzing the choices that commuters make in a real market situation, where they are offered a free-flow alternative to congested travel. We do so, however, in an empirical setting where several key observations are missing. To overcome this, we apply Rubin's multiple imputation method to generate consistent estimates and valid statistical inferences. We also compare these estimates to those produced in a "single imputation" scenario to illustrate the potential hazards of single imputation methods when multiple imputation methods are warranted. Our results show the importance of properly accounting for errors in the imputation process, and they also show that value of time savings varies greatly according to motorist characteristics.

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    Article provided by Elsevier in its journal Transportation Research Part B: Methodological.

    Volume (Year): 39 (2005)
    Issue (Month): 10 (December)
    Pages: 865-889

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    Handle: RePEc:eee:transb:v:39:y:2005:i:10:p:865-889
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    1. Small, Kenneth & Yan, Jia, 2000. "The Value of "Value Pricing" of Roads: Second-Best Pricing and Product Differentiation," Discussion Papers dp-00-08, Resources For the Future.
    2. Brownstone, David & Ghosh, Arindam & Golob, Thomas F. & Kazimi, Camilla & Van Amelsfort, Dirk, 2003. "Drivers' willingness-to-pay to reduce travel time: evidence from the San Diego I-15 congestion pricing project," Transportation Research Part A: Policy and Practice, Elsevier, vol. 37(4), pages 373-387, May.
    3. Small, Kenneth A & Winston, Clifford & Yan, Jia, 2002. "Uncovering the Distribution of Motorists' Preferences for Travel Time and Reliability: Implications for Road Pricing," University of California Transportation Center, Working Papers qt8zd2r34k, University of California Transportation Center.
    4. Brownstone, D. & Golob, T.F. & Kazimi, C., 1999. "Modeling Non-Ignorable Attrition and Measurement Error in Panel Surveys: An Application to Travel Demand Modeling," Papers 99-00-06, California Irvine - School of Social Sciences.
    5. Golob, Thomas F., 2001. "Joint models of attitudes and behavior in evaluation of the San Diego I-15 congestion pricing project," Transportation Research Part A: Policy and Practice, Elsevier, vol. 35(6), pages 495-514, July.
    6. Ghosh, Arindam, 2001. "Valuing Time and Reliability: Commuters' Mode Choice from a Real Time Congestion Pricing Experiment," University of California Transportation Center, Working Papers qt9fz0z9kq, University of California Transportation Center.
    7. Liu, Louie Nan & McDonald, John F., 1999. "Economic efficiency of second-best congestion pricing schemes in urban highway systems," Transportation Research Part B: Methodological, Elsevier, vol. 33(3), pages 157-188, April.
    8. Manski, Charles F & Lerman, Steven R, 1977. "The Estimation of Choice Probabilities from Choice Based Samples," Econometrica, Econometric Society, vol. 45(8), pages 1977-88, November.
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