Non-Environmental Cost-Benefit News
Non-Environmental Cost-Benefit News
Uncovering the Distribution of Motorists’ Preferences for Travel Time and Reliability
03/15/05
Uncovering the Distribution of Motorists’ Preferences for Travel Time and Reliability
Kenneth A. Small, Clifford Winston, and Jia Yan apply recent econometric advances to study the distribution of commuters’ preferences for speedy and reliable highway travel. Their analysis applies mixed logit to combined revealed and stated preference data on commuter choices of whether to pay a toll for congestion-free express travel. They find that motorists exhibit high values of travel time and reliability and substantial heterogeneity in those values. Small, Winston, and Yan suggest that road pricing policies designed to cater to such varying preferences can improve efficiency and reduce the disparity of welfare impacts compared with recent pricing experiments.
by Kenneth A. Small, Clifford Winston, and Jia Yan. Working Paper 05-02. Feb 2005.
AEI-Brookings Joint Center www.aei-brookings.com
http://www.aei-brookings.com/publications/abstract.php?pid=900
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