AbstractUsing a range of nonparametric methods, the paper examines the specification of a model to evaluate the willingness-to-pay (WTP) for travel time changes from binomial choice data from a simple time–cost trading experiment. The analysis favours a model with random WTP as the only source of randomness over a model with fixed WTP which is linear in time and cost and has an additive random error term. Results further indicate that the distribution of logWTP can be described as a sum of a linear index fixing the location of the logWTP distribution and an independent random variable representing unobserved heterogeneity. This formulation is useful for parametric modelling. The index indicates that the WTP varies systematically with income and other individual characteristics. The WTP varies also with the time difference presented in the experiment which is in contradiction of standard utility theory.
Using nonparametrics to specify a model to measure the value of travel time
Transportation Research Part A: Policy and Practice ; 41 , 9 ; 842-856
2006-10-09
15 pages
Article (Journal)
Electronic Resource
English
Using nonparametrics to specify a model to measure the value of travel time
Online Contents | 2007
|Specification of a model to measure the value of travel time savings from binomial data
British Library Conference Proceedings | 2005
|Predictive Modeling of Pedestrian Motion Patterns with Bayesian Nonparametrics (AIAA 2016-1861)
British Library Conference Proceedings | 2016
|Simplifying the Approach to Specify and Measure Product Seal Integrity and Leak Tightness
SAE Technical Papers | 2006
|