Marginal Utility of Income and value of time in urban transport

Christelle Viauroux ()
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Christelle Viauroux: University of Cincinnati

Economics Bulletin, 2008, vol. 4, issue 3, pages 1-8

Abstract: We relax the assumption of constancy of the marginal utility of income into a structural model of urban transportation with endogenous congestion. We examine the impact of unobserved heterogeneity in Marginal Utility (MU) of income on the determinants of travel by estimating the model using household survey data. We show that the value of time is no more statistically different across time slots and that the model is robust to all other results.

Keywords: Marginal Utility of Income; Endogenous congestion; bayesian game (search for similar items in EconPapers)
JEL-codes: D8 R0 (search for similar items in EconPapers)
Date: 2008-03-07

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