EconPapers    
Economics at your fingertips  
 

Modelling the choice of mode and estimation of the value of travel time savings for the case of the Rion-Antirion suspension bridge in Greece

Georgios Kouretas (), Panayotis F. Diamandis and Pericles Tzanetos
Additional contact information
Panayotis F. Diamandis: Department of Regional Planning and Development, University of Thessaly, GR-38110 Volos, Greece
Pericles Tzanetos: Department of Economics, University of Birmingham, Birmingham, B15 2TT, UK

The Annals of Regional Science, 1997, vol. 31, issue 4, 473-489

Abstract: In this paper we estimate value of time savings specifically applied to the case of the Rion-Antirion suspension bridge which will connect the Western part of Greece through the Rion-Antirion sea strait with the region of Patras and consequently with Athens providing a faster and more efficient service for the passage of the sea strait than the existing obsolete ferry system. Value of time savings are important in determining that the correct level of tolls are based not only on market-oriented values but that they also ensure revenue maximization and user acceptance. Estimation of a multinomial logit model is done for the value of time savings for business and non-business categories of travellers who can only choose between private cars and buses. Our results show that for the case of non-business the value of time is about 60% of the wage rate, for the case of business, it is 85% of the wage rate.

Date: 1997-09-26
Note: Received: July 1996 / Accepted: March 1997
References: Add references at CitEc
Citations: View citations in EconPapers (4) Track citations by RSS feed

Downloads: (external link)
http://link.springer.de/link/service/journals/00168/papers/7031004/70310473.pdf (application/pdf)
http://link.springer.de/link/service/journals/0016 ... 31004/70310473.ps.gz (application/postscript)
Access to the full text of the articles in this series is restricted

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:anresc:v:31:y:1997:i:4:p:473-489

Ordering information: This journal article can be ordered from
http://link.springer.com/journal/168

Access Statistics for this article

The Annals of Regional Science is currently edited by Martin Andersson, E. Kim and Janet E. Kohlhase

More articles in The Annals of Regional Science from Springer, Western Regional Science Association Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

 
Page updated 2022-09-09
Handle: RePEc:spr:anresc:v:31:y:1997:i:4:p:473-489