Willingness to pay for reducing travel time in Tunja (Colombia): A comparison between students and workers with a mixed logit model

Luis Márquez

Lecturas de Economía, 2013, issue 78, 45-72

Abstract: The difference in willingness to pay to reduce travel time between students and workers was analyzed in a context of transportation mode choice in the city of Tunja (Colombia). A mixed logit model was used to this end. The model was calibrated with data collected in a stated preference survey applied in the city. The model assumed random coefficients for access time, waiting time and travel time. With this specification, the willingness to pay to reduce travel time was valued at COP 38.14/min for students. Lower income workers exhibited a 23% increase in the value of time, while higher-income workers showed an increase of 73% compared to the assessment made for students. Finally, it was found that the ratio between the value of waiting time and the value of travel time is 1.95, while the ratio between the value of access time and the value of travel time is 2.57, which is considered valid only for this context.

Keywords: Willingness to pay; stated-preference surveys; discrete choice experiments; mixed logit model (search for similar items in EconPapers)
JEL-codes: C59 C91 R41 R42 (search for similar items in EconPapers)
Date: 2013
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