Value of Travel Time Savings for University Students and Preference Heterogeneity
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..
Volume (Year): 174 (2005)
Issue (Month): 3 (September)
|Contact details of provider:|| Postal: Avda. Cardenal Herrera Oria, 378, 28035 Madrid|
Web page: http://www.ief.es
More information through EDIRC
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.:
- H C W L Williams, 1977. "On the formation of travel demand models and economic evaluation measures of user benefit," Environment and Planning A, Pion Ltd, London, vol. 9(3), pages 285-344, March.
- 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.
- Bates, John J, 1987. "Measuring Travel Time Values with a Discrete Choice Model: A Note," Economic Journal, Royal Economic Society, vol. 97(386), pages 493-98, June.
- Mauricio Sillano & Juan de Dios Ortúzar, 2005. "Willingness-to-pay estimation with mixed logit models: some new evidence," Environment and Planning A, Pion Ltd, London, vol. 37(3), pages 525-550, March.
- Kenneth Train, 2003.
"Discrete Choice Methods with Simulation,"
Online economics textbooks,
SUNY-Oswego, Department of Economics, number emetr2.
- Kenneth E. Train, 1998. "Recreation Demand Models with Taste Differences over People," Land Economics, University of Wisconsin Press, vol. 74(2), pages 230-239.
- DeSerpa, A C, 1971. "A Theory of the Economics of Time," Economic Journal, Royal Economic Society, vol. 81(324), pages 828-46, December.
- Fredrik Carlsson, 2003.
"The demand for intercity public transport: the case of business passengers,"
Taylor & Francis Journals, vol. 35(1), pages 41-50.
- Carlsson, Fredrik, 1999. "The Demand for Intercity Public Transport: The Case of Business Passengers," Working Papers in Economics 12, University of Gothenburg, Department of Economics.
- Algers, S. & Bergstrom, P. & Dahlberg, M. & Dillen, J.L., 1998.
"Mixed Logit Estimation of the Value of Travel Time,"
1998:15, Uppsala - Working Paper Series.
- Algers, Staffan & Bergström, Pål & Dahlberg, Matz & Lindqvist Dillén, Johanna, 1998. "Mixed Logit Estimation of the Value of Travel Time," Working Paper Series 1998:15, Uppsala University, Department of Economics.
- Daniel McFadden & Kenneth Train, 2000. "Mixed MNL models for discrete response," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(5), pages 447-470.
- Hess, Stephane & Bierlaire, Michel & Polak, John W., 2005. "Estimation of value of travel-time savings using mixed logit models," Transportation Research Part A: Policy and Practice, Elsevier, vol. 39(2-3), pages 221-236.
- H C W L Williams, 1977. "On the Formation of Travel Demand Models and Economic Evaluation Measures of User Benefit," Environment and Planning A, , vol. 9(3), pages 285-344, March.
- McFadden, Daniel, 1974. "The measurement of urban travel demand," Journal of Public Economics, Elsevier, vol. 3(4), pages 303-328, November.
When requesting a correction, please mention this item's handle: RePEc:hpe:journl:y:2005:v:174:i:3:p:25-41. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ana Belén Miquel Burgos)
If references are entirely missing, you can add them using this form.