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Long-Run vs. Short-Run Perspectives on Consumer Scheduling: Evidence from a Revealed-Preference Experiment among Peak-Hour Road Commuters

Author

Listed:
  • Stefanie Peer

    (VU University Amsterdam)

  • Erik Verhoef

    (VU University Amsterdam)

  • Jasper Knockaert

    (VU University Amsterdam)

  • Paul Koster

    (VU University Amsterdam)

  • Yin-Yen Tseng

    (VU University Amsterdam)

Abstract

This discussion paper led to a publication in the 'International Economic Review' . Earlier studies on scheduling behavior have mostly ignored that consumers have more flexibility to adjust their schedule in the long run than in the short run. We introduce the distinction between long-run choices of travel routines and short-run choices of departure times, using data from a real-life peak avoidance experiment. We find that participants value travel time higher in the long-run context, supposedly because changes in travel time can be exploited better through the adjustment of routines. Schedule delays are valued higher in the short run, reflecting that scheduling restrictions are typically more binding in the short run.

Suggested Citation

  • Stefanie Peer & Erik Verhoef & Jasper Knockaert & Paul Koster & Yin-Yen Tseng, 2011. "Long-Run vs. Short-Run Perspectives on Consumer Scheduling: Evidence from a Revealed-Preference Experiment among Peak-Hour Road Commuters," Tinbergen Institute Discussion Papers 11-181/3, Tinbergen Institute, revised 25 Aug 2014.
    • Handle: RePEc:tin:wpaper:20110181
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    References listed on IDEAS

    as
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    Citations

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    Cited by:

    1. Koster, Paul & Peer, Stefanie & Dekker, Thijs, 2015. "Memory, expectation formation and scheduling choices," Economics of Transportation, Elsevier, vol. 4(4), pages 256-265.
    2. Verhoef, Erik T., 2020. "Optimal congestion pricing with diverging long-run and short-run scheduling preferences," Transportation Research Part B: Methodological, Elsevier, vol. 134(C), pages 191-209.
    3. Peer, Stefanie & Verhoef, Erik T., 2013. "Equilibrium at a bottleneck when long-run and short-run scheduling preferences diverge," Transportation Research Part B: Methodological, Elsevier, vol. 57(C), pages 12-27.
    4. Jasper Knockaert & Stefanie Peer & Erik Verhoef, 2016. "Identification of self-selection biases in field experiments using stated preference experiments," Natural Field Experiments 00568, The Field Experiments Website.
    5. Peer, Stefanie & Knockaert, Jasper & Verhoef, Erik T., 2016. "Train commuters’ scheduling preferences: Evidence from a large-scale peak avoidance experiment," Transportation Research Part B: Methodological, Elsevier, vol. 83(C), pages 314-333.
    6. Small, Kenneth A., 2012. "Valuation of travel time," Economics of Transportation, Elsevier, vol. 1(1), pages 2-14.
    7. Peer, Stefanie & Börjesson, Maria, 2018. "Temporal framing of stated preference experiments: does it affect valuations?," Transportation Research Part A: Policy and Practice, Elsevier, vol. 117(C), pages 319-333.

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    More about this item

    Keywords

    long-run vs. short-run; scheduling decisions; valuation of travel time; valuation of schedule delays; revealed preference data; car travel; peak avoidance;
    All these keywords.

    JEL classification:

    • C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • R48 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government Pricing and Policy

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