Template-Type: ReDIF-Article 1.0
Author-Name: Pablo Coto-Millan
Author-Workplace-Name: University of Cantabria
Author-Name: Gustavo Garcia-Melero
Author-Workplace-Name: University of Cantabria
Author-Name: Ruben Sainz-Gonzalez
Author-Workplace-Name: University of Cantabria
Title:  Sensitivity of the subjective value of travel time for different microeconomic models: empirical evidence for university students
Abstract: This paper analyses the sensitivity of the subjective value of travel time (SVT) by considering different models based on the microeconomic theory of time allocation, as
well as different econometric specifications of discrete choice models, and provides empirical evidence of this. Thus, the objective is to estimate wage rate and expenditure rate models together with a model that includes cost-weighted income. For this purpose we use discrete choice econometric
models in which heterogeneity among individuals is introduced. Taking into account that the most important benefit of a transport infrastructure project
is the value of the travel time saved, the subjective value of time (SVT), the results allow us to determine which microeconomic model and empirical specification are the most robust.
In addition, we can obtain comparisons of the values obtained for different countries and areas of study. For estimates, data from an origin-destination survey conducted among students at the University of Cantabria in the city of Santander (Spain) have been used.
demand and also the greatest difference between short and long run elasticities.
Volume: 41
Issue: 3
Year: 2014
Handle: RePEc:jte:journl:2014:3:41:4