| 1. |
- Fosgerau, Mogens, et al.
(författare)
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Between-mode-differences in the value of travel time : Self-selection or strategic behaviour?
- 2010
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Ingår i: Transportation Research Part D. - : Elsevier BV. - 1361-9209 .- 1879-2340. ; 15:7, s. 370-381
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Tidskriftsartikel (refereegranskat)abstract
- Using stated preference survey data, we measure the value of travel time for several transport modes. We find, like many before us, that the value of travel time varies across modes in the opposite direction of what would be the consequence of differences in comfort. We examine three candidate causes for the observed differences: Comfort effects, self-selection and strategic behaviour of respondents. Using experiments with both the current and an alternative mode we find that the differences in the value of travel time are consistent with self-selection and comfort effects. Moreover, respondents having bus as the current or the alternative mode seem not to value comfort differently across modes. Strategic behaviour seems to play no role. (C) 2010 Elsevier Ltd. All rights reserved.
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| 2. |
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| 3. |
- Hjorth, Katrine, et al.
(författare)
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Estimating exponential scheduling preferences
- 2015
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Ingår i: Transportation Research Part B. - : Elsevier. - 0191-2615 .- 1879-2367. ; 81:1, s. 230-251
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Tidskriftsartikel (refereegranskat)abstract
- Different assumptions about travelers' scheduling preferences yield different measures of the cost of travel time variability. Only few forms of scheduling preferences provide non-trivial measures which are additive over links in transport networks where link travel times are arbitrarily distributed independent random variables. Assuming smooth preferences, this holds only for specifications with a constant marginal utility of time at the origin and an exponential or affine marginal utility of time at the destination. We apply a generalized version of this model to stated preference data of car drivers' route and mode choice under uncertain travel times. Our analysis exposes some important methodological issues related to complex non-linear scheduling models. One issue is identifying the point in time where the marginal utility of being at the destination becomes larger than the marginal utility of being at the origin. Another issue is that models with the exponential marginal utility formulation suffer from empirical identification problems. Though our results are not decisive, they partly support the constant-affine specification, in which the value of travel time variability is proportional to the variance of travel time.
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| 4. |
- Hjorth, Katrine, et al.
(författare)
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Loss Aversion and Individual Characteristics
- 2011
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Ingår i: Environmental and Resource Economics. - : Springer Science and Business Media LLC. - 0924-6460 .- 1573-1502. ; 49:4, s. 573-596
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Tidskriftsartikel (refereegranskat)abstract
- Many studies have shown that loss aversion affects the valuation of non-market goods. Using stated choice data, this paper presents an empirical investigation of how individual-level loss aversion varies with observable personal characteristics and with the choice context. We investigate loss aversion with respect to travel time and money, and find significant loss aversion in both dimensions. The degree of loss aversion in the time dimension is larger than in the money dimension, and depends on age and education. Subjects tend to be more loss averse when the reference is well established.
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| 5. |
- Hjorth, Katrine, et al.
(författare)
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Using prospect theory to investigate the low marginal value of travel time for small time changes
- 2012
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Ingår i: Transportation Research Part B. - : Elsevier BV. - 0191-2615 .- 1879-2367. ; 46:8, s. 917-932
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Tidskriftsartikel (refereegranskat)abstract
- A common finding in stated preference studies that measure the value of travel time (VTT) is that the measured VTT increases with the size of the time change considered, in conflict with standard neoclassical economic theory. We present a new test of a possible explanation for the phenomenon that builds on the diminishing or constant sensitivity of the value functions in prospect theory. We use stated preference data with trade-offs between travel time and money that provide separate identification of the degrees of diminishing sensitivity for time and money gains and losses. This enables us to test and potentially falsify the prospect theory explanation. We conclude that prospect theory remains a potential explanation of the phenomenon.
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