Value of Travel Time Savings for University Students and Preference Heterogeneity
Francisco Javier Amador () and
Rosa González ()
Hacienda Pública Española / Review of Public Economics, 2005, vol. 174, issue 3, 25-41
This paper examines the sensitivity of value of travel time savings (VTTS) to assumptions on individual preferences in a random utility discrete choice framework. Preferences heterogeneity is incorporated by introducing random parameters and by interacting characteristics of travel modes with characteristics of the individual. The data set is a revealed preference survey on student travel mode choice. The results indicate that there is a systematic influence of gender on VTTS and additional heterogeneity is explained by unobserved characteristics. The evidence also suggests model specifications that impose preferences homogeneity tend to produce lower estimates of VTTS compared with more flexible structures that allow random variation of parameters over individuals. However, the degree of underestimation seems to be context dependent..
Keywords: Random utility discrete choice models; preference heterogeneity; subjective value of travel time; random parameter logit. (search for similar items in EconPapers)
JEL-codes: C25 D61 R41 (search for similar items in EconPapers)
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