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Specification Of A Model To Measure The Value Of Travel Time Savings From Binomial Data

  • Mogens Fosgerau

    (Danish Transport Research Institute)

Using nonparametric methods, the paper examines the specification of a model to evaluate the distribution of willingness-to-pay (WTP) for travel time savings from binomial choice data from a simple time-cost trading experiment involving four public transport modes. A formulation in preference space in terms of constant marginal utilities is rejected in favor of a formulation in log(WTP) space for each mode. Results further indicate that the log(WTP) distribution can be decomposed into an independent random variable and a linear index shifting the location of the log(WTP) distribution, which is useful for parametric modeling. The index strongly indicates that small time savings are valued less than large time savings for all four modes in this experimental choice situation. The sign for journey duration varies significantly between modes, which could be due to self-selection into modes.

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Paper provided by EconWPA in its series Urban/Regional with number 0508008.

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Length: 31 pages
Date of creation: 23 Aug 2005
Date of revision:
Handle: RePEc:wpa:wuwpur:0508008
Note: Type of Document - pdf; pages: 31
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  1. repec:cup:cbooks:9780521586115 is not listed on IDEAS
  2. Lewbel, Arthur & McFadden, Daniel & Linton, Oliver, 2011. "Estimating features of a distribution from binomial data," Journal of Econometrics, Elsevier, vol. 162(2), pages 170-188, June.
  3. David A. Hensher, 2001. "Measurement of the Valuation of Travel Time Savings," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 35(1), pages 71-98, January.
  4. repec:cup:cbooks:9780521355643 is not listed on IDEAS
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