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Modelling the choice of mode and estimation of the value of travel time savings for the case of the Rion-Antirion suspension bridge in Greece

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  • Georgios P. Kouretas

    (Department of Economics, University of Crete, GR-74100 Rethymno, Greece)

  • Panayotis F. Diamandis

    (Department of Regional Planning and Development, University of Thessaly, GR-38110 Volos, Greece)

  • Pericles Tzanetos

    (Department of Economics, University of Birmingham, Birmingham, B15 2TT, UK)

Abstract

In this paper we estimate value of time savings specifically applied to the case of the Rion-Antirion suspension bridge which will connect the Western part of Greece through the Rion-Antirion sea strait with the region of Patras and consequently with Athens providing a faster and more efficient service for the passage of the sea strait than the existing obsolete ferry system. Value of time savings are important in determining that the correct level of tolls are based not only on market-oriented values but that they also ensure revenue maximization and user acceptance. Estimation of a multinomial logit model is done for the value of time savings for business and non-business categories of travellers who can only choose between private cars and buses. Our results show that for the case of non-business the value of time is about 60% of the wage rate, for the case of business, it is 85% of the wage rate.

Suggested Citation

  • Georgios P. Kouretas & Panayotis F. Diamandis & Pericles Tzanetos, 1997. "Modelling the choice of mode and estimation of the value of travel time savings for the case of the Rion-Antirion suspension bridge in Greece," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 31(4), pages 473-489.
    • Handle: RePEc:spr:anresc:v:31:y:1997:i:4:p:473-489
    Note: Received: July 1996 / Accepted: March 1997
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    Cited by:

    1. Thomas M. Fullerton Jr. & Angel L. Molina Jr & Adam G. Walke, 2013. "Tolls, exchange rates, and northbound international bridge traffic from Mexico," Regional Science Policy & Practice, Wiley Blackwell, vol. 5(3), pages 305-321, August.
    2. Salanova Grau, Josep Maria & Konstantinidou, Maria & Boufidis, Neofytos & Aifandopoulou, Georgia, 2022. "Estimation of value-of-time and a comparison of an ex ante and an ex post willingness to pay for shared transport services in Thessaloniki," Research in Transportation Economics, Elsevier, vol. 92(C).
    3. Yeboah, Osei-Agyeman & Shaik, Saleem & Hatch, L. Upton, 2003. "An Investigation of the Socioeconomic Impacts of Tri-State Bypass, 1970-2000," 2003 Annual Meeting, February 1-5, 2003, Mobile, Alabama 35049, Southern Agricultural Economics Association.

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