Title: The valuation of non-commuting travel time savings for urban car drivers
Abstract:A small but growing literature is sending signals that the popular multinomial logit (MNL) model tends to under-estimate the mean value of travel time savings. The current paper investigates the exten...A small but growing literature is sending signals that the popular multinomial logit (MNL) model tends to under-estimate the mean value of travel time savings. The current paper investigates the extent to which the evidence on under-estimation transfers to urban non-commuting travel. The empirical setting is car travel in six locations in New Zealand. We contrast the values of travel time savings derived from multinomial logit (MNL) and three specifications of a mixed (or random parameter) logit (ML/RPL) model to investigate the influence of correlation between alternatives and choice sets. The paper begins with a discussion of the behavioural risks in imposing a simple structure on the utility expressions representing each alternative in a choice set. This reveals a number of alternative functional forms for the random components. The following section summarises the major behavioural properties of the ML/RPL model. The next section describes the design of a stated choice experiment and a computer-based survey instrument to capture the empirical responses to alternative car driver travel scenarios for urban non-commuter trips. The remaining substantive sections present the empirical analysis with a focus on values of travel time savings followed by a conclusion.Read More
Publication Year: 2003
Publication Date: 2003-01-01
Language: en
Type: article
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Cited By Count: 1
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