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Can we use hedonic pricing to estimate freight value of time?

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  • Jérôme Massiani

Abstract

In this article, we investigate the use of hedonic pricing method to measure freight value of time. We concentrate on the demand side of the freight market (that is shippers) and give a pre-cise definition to transport duration. We analyse the different temporal dimensions of freight transportation and examine how equilibrium forms on the freight market. This equilibrium is defined in reference cost and duration of the transport operations. Subsequently, we analyse how standard hedonic pricing technique has to be customised to be implemented on freight value of time. In a final section, we implement hedonic analysis on a data set consisting of ship-pers’ interviews. We test different specifications and find information on the distribution of shippers' willingness to pay for transport time savings.

Suggested Citation

  • Jérôme Massiani, 2008. "Can we use hedonic pricing to estimate freight value of time?," EERI Research Paper Series EERI_RP_2008_08, Economics and Econometrics Research Institute (EERI), Brussels.
  • Handle: RePEc:eei:rpaper:eeri_rp_2008_08
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    File URL: http://www.eeri.eu/documents/wp/EERI_RP_2008_08.pdf
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    References listed on IDEAS

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    1. Cropper, Maureen L, et al, 1993. "Valuing Product Attributes Using Single Market Data: A Comparison of Hedonic and Discrete Choice Approaches," The Review of Economics and Statistics, MIT Press, vol. 75(2), pages 225-232, May.
    2. Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September.
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    Cited by:

    1. Dullaert, Wout & Zamparini, Luca, 2013. "The impact of lead time reliability in freight transport: A logistics assessment of transport economics findings," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 49(1), pages 190-200.
    2. KONISHI Yoko & Se-il MUN & NISHIYAMA Yoshihiko & Ji Eun SUNG, 2014. "Measuring the Value of Time in Freight Transportation," Discussion papers 14004, Research Institute of Economy, Trade and Industry (RIETI).
    3. Se-il Mun & Yoko Konishi & Yoshihiko Nishiyama & Ji-eun Sung, 2014. "Measuring the value of transport time for inter-regional trade," ERSA conference papers ersa14p410, European Regional Science Association.
    4. Figliozzi, Miguel Andres & Zhang, Zeyan, 2009. "A Study of Transportation Disruption Causes and Costs in Containerized Maritime Transportation," 50th Annual Transportation Research Forum, Portland, Oregon, March 16-18, 2009 207815, Transportation Research Forum.

    More about this item

    Keywords

    Hedonic pricing; freight value of time.;

    JEL classification:

    • R41 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Transportation: Demand, Supply, and Congestion; Travel Time; Safety and Accidents; Transportation Noise
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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