Commuters' Preferences for Fast and Reliable Travel

Paul Koster and Hans Koster

No 13-075/VIII, Tinbergen Institute Discussion Papers from Tinbergen Institute

Abstract: This discussion paper led to a publication in 'Transportation Research Part B: Methodological'

. We employ a semi-parametric estimation approach to analyse observed and unobserved heterogeneity in the value of savings in travel time and schedule delay. Our econometric approach allows for the estimation of unobserved and observed heterogeneity in preferences in a flexible way, meaning that we do not put any structure on how individual characteristics (such as income and age) relate to the value of savings in travel time and schedule delay. Using data from a stated choice experiment, we illustrate the estimation approach and find that there is substantial heterogeneity in the value of savings in travel time and schedule delay. For our data, we find that unobserved heterogeneity is more important than heterogeneity related to individual characteristics.

Keywords: local maximum likelihood; heterogeneity; scheduling; semiparametric Logit; latent class; normalised entropy criterion; value of time; value of reliability (search for similar items in EconPapers)
JEL-codes: C14 C23 R4 (search for similar items in EconPapers)
Date: 2013-05-28, Revised 2015-04-30
New Economics Papers: this item is included in nep-dcm, nep-tre and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:tin:wpaper:20130075

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