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The trade-off between money and travel time: A test of the theory of reference-dependent preferences

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Cited by:

  1. Gao, Kun & Sun, Lijun & Yang, Ying & Meng, Fanyu & Qu, Xiaobo, 2021. "Cumulative prospect theory coupled with multi-attribute decision making for modeling travel behavior," Transportation Research Part A: Policy and Practice, Elsevier, vol. 148(C), pages 1-21.
  2. West, Jens & Börjesson, Maria & Engelson, Leonid, 2016. "Accuracy of the Gothenburg congestion charges forecast," Transportation Research Part A: Policy and Practice, Elsevier, vol. 94(C), pages 266-277.
  3. Richard Batley & John Bates & Michiel Bliemer & Maria Börjesson & Jeremy Bourdon & Manuel Ojeda Cabral & Phani Kumar Chintakayala & Charisma Choudhury & Andrew Daly & Thijs Dekker & Efie Drivyla & Ton, 2019. "New appraisal values of travel time saving and reliability in Great Britain," Transportation, Springer, vol. 46(3), pages 583-621, June.
  4. Maria Börjesson & Marco Kouwenhoven & Gerard Jong & Andrew Daly, 2023. "Can repeated surveys reveal the variation of the value of travel time over time?," Transportation, Springer, vol. 50(1), pages 245-284, February.
  5. Anders Karlström, 2014. "Appraisal," Chapters, in: Stephane Hess & Andrew Daly (ed.), Handbook of Choice Modelling, chapter 24, pages 601-626, Edward Elgar Publishing.
  6. Kouwenhoven, Marco & de Jong, Gerard C. & Koster, Paul & van den Berg, Vincent A.C. & Verhoef, Erik T. & Bates, John & Warffemius, Pim M.J., 2014. "New values of time and reliability in passenger transport in The Netherlands," Research in Transportation Economics, Elsevier, vol. 47(C), pages 37-49.
  7. Stathopoulos, Amanda & Hess, Stephane, 2012. "Revisiting reference point formation, gains–losses asymmetry and non-linear sensitivities with an emphasis on attribute specific treatment," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(10), pages 1673-1689.
  8. Scott, Anthony & Witt, Julia, 2020. "Loss aversion, reference dependence and diminishing sensitivity in choice experiments," Journal of choice modelling, Elsevier, vol. 37(C).
  9. Masiero, Lorenzo & Rose, John M., 2013. "The role of the reference alternative in the specification of asymmetric discrete choice models," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 53(C), pages 83-92.
  10. Börjesson, Maria & Fosgerau, Mogens & Algers, Staffan, 2012. "Catching the tail: Empirical identification of the distribution of the value of travel time," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(2), pages 378-391.
  11. Bahamonde-Birke, Francisco J., 2018. "Estimating the reference frame: A smooth twice-differentiable utility function for non-compensatory loss-averse decision-making," Journal of choice modelling, Elsevier, vol. 28(C), pages 71-81.
  12. Stephane Hess & Amanda Stathopoulos & Andrew Daly, 2012. "Allowing for heterogeneous decision rules in discrete choice models: an approach and four case studies," Transportation, Springer, vol. 39(3), pages 565-591, May.
  13. Paul Koster & Erik T. Verhoef, 2012. "A Rank-dependent Scheduling Model," Journal of Transport Economics and Policy, University of Bath, vol. 46(1), pages 123-138, January.
  14. Claudia Castaldi & Paolo Delle Site & Francesco Filippi, 2019. "Stochastic user equilibrium in the presence of state dependence," EURO Journal on Transportation and Logistics, Springer;EURO - The Association of European Operational Research Societies, vol. 8(5), pages 535-559, December.
  15. Santos, Georgina & Behrendt, Hannah & Maconi, Laura & Shirvani, Tara & Teytelboym, Alexander, 2010. "Part I: Externalities and economic policies in road transport," Research in Transportation Economics, Elsevier, vol. 28(1), pages 2-45.
  16. Giovanni Russo & Jos Ommeren & Piet Rietveld, 2012. "The university workers’ willingness to pay for commuting," Transportation, Springer, vol. 39(6), pages 1121-1132, November.
  17. Börjesson, Maria & Fosgerau, Mogens, 2015. "Response time patterns in a stated choice experiment," Journal of choice modelling, Elsevier, vol. 14(C), pages 48-58.
  18. Pascoe, Sean & Doshi, Amar & Dell, Quentin & Tonks, Mark & Kenyon, Rob, 2014. "Economic value of recreational fishing in Moreton Bay and the potential impact of the marine park rezoning," Tourism Management, Elsevier, vol. 41(C), pages 53-63.
  19. Mogens Fosgerau & Kurt Van Dender, 2013. "Road pricing with complications," Transportation, Springer, vol. 40(3), pages 479-503, May.
  20. Geng, Kexin & Wang, Yacan & Cherchi, Elisabetta & Guarda, Pablo, 2023. "Commuter departure time choice behavior under congestion charge: Analysis based on cumulative prospect theory," Transportation Research Part A: Policy and Practice, Elsevier, vol. 168(C).
  21. Urbanek, Anna, 2021. "Potential of modal shift from private cars to public transport: A survey on the commuters’ attitudes and willingness to switch – A case study of Silesia Province, Poland," Research in Transportation Economics, Elsevier, vol. 85(C).
  22. Yu, Xiaojuan & van den Berg, Vincent A.C. & Li, Zhi-Chun, 2023. "Congestion pricing and information provision under uncertainty: Responsive versus habitual pricing," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 175(C).
  23. Varela, Juan Manuel Lorenzo & Börjesson, Maria & Daly, Andrew, 2018. "Quantifying errors in travel time and cost by latent variables," Transportation Research Part B: Methodological, Elsevier, vol. 117(PA), pages 520-541.
  24. Raux, Charles & Chevalier, Amandine & Bougna, Emmanuel & Hilton, Denis, 2021. "Mobility choices and climate change: Assessing the effects of social norms, emissions information and economic incentives," Research in Transportation Economics, Elsevier, vol. 90(C).
  25. Pascoe, Sean, 2019. "Recreational beach use values with multiple activities," Ecological Economics, Elsevier, vol. 160(C), pages 137-144.
  26. Tsoleridis, Panagiotis & Choudhury, Charisma F. & Hess, Stephane, 2022. "Deriving transport appraisal values from emerging revealed preference data," Transportation Research Part A: Policy and Practice, Elsevier, vol. 165(C), pages 225-245.
  27. Morkbak, Morten Raun & Jensen, Jorgen Dejgaard, 2012. "Do consumers’ preferences change when on vacation? A willingness to pay study on apples and honey," 2012 AAEA/EAAE Food Environment Symposium 123525, Agricultural and Applied Economics Association.
  28. Lu, Hui & Hess, Stephane & Daly, Andrew & Rohr, Charlene & Patruni, Bhanu & Vuk, Goran, 2021. "Using state-of-the-art models in applied work: Travellers willingness to pay for a toll tunnel in Copenhagen," Transportation Research Part A: Policy and Practice, Elsevier, vol. 154(C), pages 37-52.
  29. Varela, Juan Manuel Lorenzo & Börjesson, Maria & Daly, Andrew, 2018. "Quantifying errors in travel time and cost by latent variables," Working papers in Transport Economics 2018:3, CTS - Centre for Transport Studies Stockholm (KTH and VTI).
  30. Lorenzo Masiero & David Hensher, 2011. "Shift of reference point and implications on behavioral reaction to gains and losses," Transportation, Springer, vol. 38(2), pages 249-271, March.
  31. John C. Whitehead & Pamela Wicker, 2018. "Valuing Non-Market Benefits of Participatory Sport Events Using Willingness to Travel: Payment Card vs Random Selection with Mitigation of Hypothetical Bias," Working Papers 18-06, Department of Economics, Appalachian State University.
  32. Börjesson, Maria & Eliasson, Jonas, 2014. "Experiences from the Swedish Value of Time study," Transportation Research Part A: Policy and Practice, Elsevier, vol. 59(C), pages 144-158.
  33. Jan-Erik Swärdh & Staffan Algers, 2016. "Willingness to accept commuting time within the household: stated preference evidence," Transportation, Springer, vol. 43(2), pages 219-241, March.
  34. Dauth, Wolfgang & Haller, Peter, 2019. "Loss aversion in the trade-off between wages and commuting distances," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203611, Verein für Socialpolitik / German Economic Association.
  35. Amanda Stathopoulos & Stephane Hess, 2011. "Referencing, Gains-Losses Asymmetry And Non-Linear Sensitivities In Commuter Decisions: One Size Does Not Fit All!," Working Papers 0511, CREI Università degli Studi Roma Tre, revised 2011.
  36. Balbontin, Camila & Hensher, David A. & Collins, Andrew T., 2019. "How to better represent preferences in choice models: The contributions to preference heterogeneity attributable to the presence of process heterogeneity," Transportation Research Part B: Methodological, Elsevier, vol. 122(C), pages 218-248.
  37. Beck, Matthew J. & Hess, Stephane & Cabral, Manuel Ojeda & Dubernet, Ilka, 2017. "Valuing travel time savings: A case of short-term or long term choices?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 100(C), pages 133-143.
  38. Richard Batley, 2018. "Income effects, cost damping and the value of time: theoretical properties embedded within practical travel choice models," Transportation, Springer, vol. 45(2), pages 623-640, March.
  39. Fosgerau, Mogens & Börjesson, Maria, 2015. "Manipulating a stated choice experiment," Journal of choice modelling, Elsevier, vol. 16(C), pages 43-49.
  40. Hjorth, Katrine & Fosgerau, Mogens, 2012. "Using prospect theory to investigate the low marginal value of travel time for small time changes," Transportation Research Part B: Methodological, Elsevier, vol. 46(8), pages 917-932.
  41. Stephane Hess & Andrew Daly (ed.), 2014. "Handbook of Choice Modelling," Books, Edward Elgar Publishing, number 14820.
  42. Manuel Ojeda-Cabral & Stephane Hess & Richard Batley, 2018. "Understanding valuation of travel time changes: are preferences different under different stated choice design settings?," Transportation, Springer, vol. 45(1), pages 1-21, January.
  43. Van Ommeren, Jos & Fosgerau, Mogens, 2009. "Workers' marginal costs of commuting," Journal of Urban Economics, Elsevier, vol. 65(1), pages 38-47, January.
  44. Tjiong, Jeff & Dekker, Thijs & Hess, Stephane & Ojeda Cabral, Manuel, 2022. "The selection of income measures in value of travel time models and their implications for the VTT, its cross-sectional income elasticity and transport appraisal," Research in Transportation Economics, Elsevier, vol. 94(C).
  45. Malakhov, Sergey, 2012. "К Вопросу О Возможности Синтеза Концепции Удовлетворяющего Поиска И Неоклассической Доктрины [A note on the synthesis of the satisficing concept and the neoclassical theory]," MPRA Paper 49494, University Library of Munich, Germany.
  46. Kouwenhoven, Marco & de Jong, Gerard, 2018. "Value of travel time as a function of comfort," Journal of choice modelling, Elsevier, vol. 28(C), pages 97-107.
  47. Kingsley Adjenughwure & Basil Papadopoulos, 2019. "Towards a Fair and More Transparent Rule-Based Valuation of Travel Time Savings," Sustainability, MDPI, vol. 11(4), pages 1-19, February.
  48. Lindsey, Robin, 2011. "State-dependent congestion pricing with reference-dependent preferences," Transportation Research Part B: Methodological, Elsevier, vol. 45(10), pages 1501-1526.
  49. Mark J. Koetse, 2017. "Effects of payment vehicle non-attendance in choice experiments on value estimates and the WTA–WTP disparity," Journal of Environmental Economics and Policy, Taylor & Francis Journals, vol. 6(3), pages 225-245, July.
  50. Mabit, Stefan L. & Cherchi, Elisabetta & Jensen, Anders F. & Jordal-Jørgensen, Jørgen, 2015. "The effect of attitudes on reference-dependent preferences: Estimation and validation for the case of alternative-fuel vehicles," Transportation Research Part A: Policy and Practice, Elsevier, vol. 82(C), pages 17-28.
  51. Tatjana Ibraimovic & Stephane Hess, 2017. "Changes in the ethnic composition of neighbourhoods: Analysis of household's response and asymmetric preference structures," Papers in Regional Science, Wiley Blackwell, vol. 96(4), pages 759-784, November.
  52. Le Goff, Alix & Monchambert, Guillaume & Raux, Charles, 2022. "Are solo driving commuters ready to switch to carpool? Heterogeneity of preferences in Lyon's urban area," Transport Policy, Elsevier, vol. 115(C), pages 27-39.
  53. West , Jens & Börjesson , Maria & Engelson , Leonid, 2016. "Forecasting effects of congestion charges," Working papers in Transport Economics 2016:9, CTS - Centre for Transport Studies Stockholm (KTH and VTI).
  54. Monchambert, Guillaume, 2020. "Why do (or don’t) people carpool for long distance trips? A discrete choice experiment in France," Transportation Research Part A: Policy and Practice, Elsevier, vol. 132(C), pages 911-931.
  55. Eivind Tveter, 2023. "The value of travel time: a revealed preferences approach using exogenous variation in travel costs and automatic traffic count data," Transportation, Springer, vol. 50(6), pages 2273-2297, December.
  56. Askill H. Halse & Stefan Flügel & Marco Kouwenhoven & Gerard Jong & Hanne B. Sundfør & Nina Hulleberg & Guri N. Jordbakke & Henrik Lindhjem, 2023. "A minute of your time: The impact of survey recruitment method and interview location on the value of travel time," Transportation, Springer, vol. 50(5), pages 1553-1584, October.
  57. Stephane Hess & Andrew Daly & Richard Batley, 2018. "Revisiting consistency with random utility maximisation: theory and implications for practical work," Theory and Decision, Springer, vol. 84(2), pages 181-204, March.
  58. Maria Börjesson, 2014. "Inter-temporal variation in the travel time and travel cost parameters of transport models," Transportation, Springer, vol. 41(2), pages 377-396, March.
  59. Fosgerau, Mogens, 2008. "Hedonic preferences, symmetric loss aversion and the willingness to pay-willingness to accept gap," MPRA Paper 10041, University Library of Munich, Germany.
  60. 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.
  61. Small, Kenneth A., 2012. "Valuation of travel time," Economics of Transportation, Elsevier, vol. 1(1), pages 2-14.
  62. Abigail Bristow & Mark Wardman & V. Chintakayala, 2015. "International meta-analysis of stated preference studies of transportation noise nuisance," Transportation, Springer, vol. 42(1), pages 71-100, January.
  63. De Borger, Bruno & Glazer, Amihai, 2017. "Support and opposition to a Pigovian tax: Road pricing with reference-dependent preferences," Journal of Urban Economics, Elsevier, vol. 99(C), pages 31-47.
  64. Gershenson, Seth, 2013. "The causal effect of commute time on labor supply: Evidence from a natural experiment involving substitute teachers," Transportation Research Part A: Policy and Practice, Elsevier, vol. 54(C), pages 127-140.
  65. Christopher Y. Olivola & Stephanie W. Wang, 2016. "Patience auctions: the impact of time vs. money bidding on elicited discount rates," Experimental Economics, Springer;Economic Science Association, vol. 19(4), pages 864-885, December.
  66. de Moraes Ramos, Giselle & Daamen, Winnie & Hoogendoorn, Serge, 2013. "Modelling travellers' heterogeneous route choice behaviour as prospect maximizers," Journal of choice modelling, Elsevier, vol. 6(C), pages 17-33.
  67. Grigolon, Anna B. & Kemperman, Astrid D.A.M. & Timmermans, Harry J.P., 2012. "Student’s vacation travel: A reference dependent model of airline fares preferences," Journal of Air Transport Management, Elsevier, vol. 18(1), pages 38-42.
  68. Qing Li & Feixiong Liao & Harry J. P. Timmermans & Jing Zhou, 2016. "A reference-dependent user equilibrium model for activity-travel scheduling," Transportation, Springer, vol. 43(6), pages 1061-1077, November.
  69. Börjesson, Maria, 2012. "Inter-temporal variation in the travel time and travel cost parameters of transport models," Working papers in Transport Economics 2012:16, CTS - Centre for Transport Studies Stockholm (KTH and VTI).
  70. Katrine Hjorth & Mogens Fosgerau, 2011. "Loss Aversion and Individual Characteristics," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 49(4), pages 573-596, August.
  71. Wichman, Casey J. & Cunningham, Brandon, 2023. "Notching for free: Do cyclists reveal the opportunity cost of time?," Journal of Environmental Economics and Management, Elsevier, vol. 119(C).
  72. Monchambert, Guillaume, 2020. "Why do (or don’t) people carpool for long distance trips? A discrete choice experiment in France," Transportation Research Part A: Policy and Practice, Elsevier, vol. 132(C), pages 911-931.
  73. Dauth, Wolfgang & Haller, Peter, 2020. "Is there loss aversion in the trade-off between wages and commuting distances?," Regional Science and Urban Economics, Elsevier, vol. 83(C).
  74. Feo-Valero, María & Arencibia, Ana Isabel & Román, Concepción, 2016. "Analyzing discrepancies between willingness to pay and willingness to accept for freight transport attributes," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 89(C), pages 151-164.
  75. Stephane Hess & Andrew Daly & Maria Börjesson, 2020. "A critical appraisal of the use of simple time-money trade-offs for appraisal value of travel time measures," Transportation, Springer, vol. 47(3), pages 1541-1570, June.
  76. John M. Rose & Lorenzo Masiero, 2010. "A comparison of prospect theory in WTP and preference space," Quaderni della facoltà di Scienze economiche dell'Università di Lugano 1006, USI Università della Svizzera italiana.
  77. S. Van Cranenburgh & S. Wang & A. Vij & F. Pereira & J. Walker, 2021. "Choice modelling in the age of machine learning -- discussion paper," Papers 2101.11948, arXiv.org, revised Nov 2021.
  78. Fosgerau, Mogens & Hess, Stephane, 2008. "Competing methods for representing random taste heterogeneity in discrete choice models," MPRA Paper 10038, University Library of Munich, Germany.
  79. Hess, Stephane & Daly, Andrew & Dekker, Thijs & Cabral, Manuel Ojeda & Batley, Richard, 2017. "A framework for capturing heterogeneity, heteroskedasticity, non-linearity, reference dependence and design artefacts in value of time research," Transportation Research Part B: Methodological, Elsevier, vol. 96(C), pages 126-149.
  80. 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.
  81. Sander Cranenburgh & Marco Kouwenhoven, 2021. "An artificial neural network based method to uncover the value-of-travel-time distribution," Transportation, Springer, vol. 48(5), pages 2545-2583, October.
  82. Andrew Daly & Stephane Hess, 2020. "VTT or VTTS: a note on terminology for value of travel time work," Transportation, Springer, vol. 47(3), pages 1359-1364, June.
  83. Ding, Hongxing & Yang, Hai & Xu, Hongli & Li, Ting, 2023. "Status quo-dependent user equilibrium model with adaptive value of time," Transportation Research Part B: Methodological, Elsevier, vol. 170(C), pages 77-90.
  84. Mahmud, Asif & Gayah, Vikash V. & Paleti, Rajesh, 2022. "A latent choice model to analyze the role of preliminary preferences in shaping observed choices," Transportation Research Part B: Methodological, Elsevier, vol. 161(C), pages 95-108.
  85. Lorenzo Masiero & Rico Maggi, 2011. "Accounting for WTP/WTA discrepancy in discrete choice models: Discussion of policy implications based on two freight transport stated choice experiments," Quaderni della facoltà di Scienze economiche dell'Università di Lugano 1103, USI Università della Svizzera italiana.
  86. Juan de Dios Ortúzar & Elisabetta Cherchi & Luis Ignacio Rizzi, 2014. "Transport research needs," Chapters, in: Stephane Hess & Andrew Daly (ed.), Handbook of Choice Modelling, chapter 29, pages 688-698, Edward Elgar Publishing.
  87. Hongli Xu & Hai Yang & Jing Zhou & Yafeng Yin, 2017. "A Route Choice Model with Context-Dependent Value of Time," Transportation Science, INFORMS, vol. 51(2), pages 536-548, May.
  88. Baumgart, Eike & Blaufus, Kay & Hechtner, Frank, 2023. "The tax treatment of commuting expenses and job-related mobility," arqus Discussion Papers in Quantitative Tax Research 280, arqus - Arbeitskreis Quantitative Steuerlehre.
  89. Caspar G. Chorus, 2014. "Capturing alternative decision rules in travel choice models: a critical discussion," Chapters, in: Stephane Hess & Andrew Daly (ed.), Handbook of Choice Modelling, chapter 13, pages 290-310, Edward Elgar Publishing.
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