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Value of Travel Time Savings for University Students and Preference Heterogeneity

  • Francisco Javier Amador Morera

    ()

    (Universidad de La Laguna)

  • Rosa Marina González Marrero

    ()

    (Universidad de La Laguna)

This paper examines the sensitivity of value of travel time savings (VTTS) to assumptions on individual preferences in a random utility discrete choice framework. Preferences heterogeneity is incorporated by introducing random parameters and by interacting characteristics of travel modes with characteristics of the individual. The data set is a revealed preference survey on student travel mode choice. The results indicate that there is a systematic influence of gender on VTTS and additional heterogeneity is explained by unobserved characteristics. The evidence also suggests model specifications that impose preferences homogeneity tend to produce lower estimates of VTTS compared with more flexible structures that allow random variation of parameters over individuals. However, the degree of underestimation seems to be context dependent..

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Article provided by IEF in its journal Hacienda Pública Española/Revista de Economía Pública.

Volume (Year): 174 (2005)
Issue (Month): 3 (September)
Pages: 25-41

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Handle: RePEc:hpe:journl:y:2005:v:174:i:3:p:25-41
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  1. Algers, S. & Bergstrom, P. & Dahlberg, M. & Dillen, J.L., 1998. "Mixed Logit Estimation of the Value of Travel Time," Papers 1998:15, Uppsala - Working Paper Series.
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  9. Kenneth Train, 2003. "Discrete Choice Methods with Simulation," Online economics textbooks, SUNY-Oswego, Department of Economics, number emetr2.
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