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Mixed logit estimation of the value of travel time
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Department of Economics.
1998 (English)Report (Other academic)
Abstract [en]

In this paper we use mixed logit specifications to allow parameters to vary in the population when estimating the value of time for long-distance car travel. Our main conclusion is that the estimated value of time is very sensitive to how the model is specified: we find that it is significantly lower when the coefficients are assumed to be normally distributed in the population, as compared to the traditional case when they are treated as fixed. In our most richly parameterised model, we find a median value of time of 57 SEK per hour, with the major part of the mass of the value of time distribution closely centred around the median value. The corresponding figure when the parameters are treated as fixed is 89 SEK per hour. Furthermore, our finding that the ratio of coefficients in a mixed logit specification differ significantly from the ones in a traditional logit specification is contrary to the results obtained by Brownstone & Train (1996) and Train (1997). Whether the ratios will differ or not depends on the model and the data generating process at hand.

Place, publisher, year, edition, pages
Uppsala: Nationalekonomiska institutionen , 1998. , p. 33
Series
Working paper / Department of Economics, Uppsala University (Print), ISSN 0284-2904 ; 15
Keywords [en]
Mixed Logit, Simulation Estimation, Value of Time
National Category
Economics
Identifiers
URN: urn:nbn:se:uu:diva-2422OAI: oai:DiVA.org:uu-2422DiVA, id: diva2:128683
Available from: 1998-01-01 Created: 1998-01-01 Last updated: 2012-08-22Bibliographically approved

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
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