Nothing Special   »   [go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/tpe/jtecpo/v45y2011i3p505-525.html
   My bibliography  Save this article

Valuation of Travel Time Savings in WTP and Preference Space in the Presence of Taste and Scale Heterogeneity

Author

Listed:
  • David A. Hensher
  • William H. Greene
Abstract
A major concern with the derivation of willingness to pay (WTP) distributions from mixed logit models is the incidence of values over a range that are deemed 'behaviourally questionable', with respect to the sign and magnitude. Recent research in redefining the 'space' within which a choice model is estimated as WTP space, instead of preference-space, has offered encouraging evidence in reducing the range of behavioural implausibility. This paper develops models to compare the empirical evidence when a mixed logit model is estimated with unconstrained distributions on random parameters in WTP and preference space, taking into account scale and the correlation between the attributes. The findings suggest that the gap between the evidence in WTP and preference space narrows significantly when both scale and preference heterogeneity are identified. © 2011 LSE and the University of Bath

Suggested Citation

  • David A. Hensher & William H. Greene, 2011. "Valuation of Travel Time Savings in WTP and Preference Space in the Presence of Taste and Scale Heterogeneity," Journal of Transport Economics and Policy, University of Bath, vol. 45(3), pages 505-525, September.
    • Handle: RePEc:tpe:jtecpo:v:45:y:2011:i:3:p:505-525
    as

    Download full text from publisher

    File URL: http://www.catchword.com/cgi-bin/cgi?ini=bc&body=linker&reqidx=0022-5258(20110901)45:3L.505;1-
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tpe:jtecpo:v:45:y:2011:i:3:p:505-525. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Christopher F. Baum (email available below). General contact details of provider: http://www.bath.ac.uk/e-journals/jtep .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.