IDEAS home Printed from https://ideas.repec.org/a/lde/journl/y2013i78p45-72.html
   My bibliography  Save this article

Willingness to pay for reducing travel time in Tunja (Colombia): A comparison between students and workers with a mixed logit model

Author

Listed:
  • Luis Márquez

Abstract

The difference in willingness to pay to reduce travel time between students and workers was analyzed in a context of transportation mode choice in the city of Tunja (Colombia). A mixed logit model was used to this end. The model was calibrated with data collected in a stated preference survey applied in the city. The model assumed random coefficients for access time, waiting time and travel time. With this specification, the willingness to pay to reduce travel time was valued at COP 38.14/min for students. Lower income workers exhibited a 23% increase in the value of time, while higher-income workers showed an increase of 73% compared to the assessment made for students. Finally, it was found that the ratio between the value of waiting time and the value of travel time is 1.95, while the ratio between the value of access time and the value of travel time is 2.57, which is considered valid only for this context.

Suggested Citation

  • Luis Márquez, 2013. "Willingness to pay for reducing travel time in Tunja (Colombia): A comparison between students and workers with a mixed logit model," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 78, pages 45-72.
    • Handle: RePEc:lde:journl:y:2013:i:78:p:45-72
    as

    Download full text from publisher

    File URL: https://revistas.udea.edu.co/index.php/lecturasdeeconomia/issue/view/1336
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Willingness to pay; stated-preference surveys; discrete choice experiments; mixed logit model;
    All these keywords.

    JEL classification:

    • C59 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Other
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • R41 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Transportation: Demand, Supply, and Congestion; Travel Time; Safety and Accidents; Transportation Noise
    • R42 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government and Private Investment Analysis; Road Maintenance; Transportation Planning

    Statistics

    Access and download statistics

    Corrections

    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:lde:journl:y:2013:i:78:p:45-72. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Carlos Andrés Vasco Correa (email available below). General contact details of provider: https://edirc.repec.org/data/deantco.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.