Value of time sensitivity to model specification

Value of time sensitivity to model specification

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Article ID: iaor19881096
Country: United States
Volume: 23B
Issue: 2
Start Page Number: 151
End Page Number: 158
Publication Date: Apr 1989
Journal: Transportation Research. Part B: Methodological
Authors: , ,
Abstract:

The authors compare values of time obtained with linear utility functions used in LOGIT and HIERARCHICAL LOGIT specifications of a nine-mode passenger choice model estimated with disaggregate data from Santiago, Chile, and find that they are sensitive to the specification used, unconvincingly high, and imply that the value of waiting time is a decreasing function of income. They then find that removing observations for individuals who face limiting values of price or service level yields partially improved results if the utility functions are still linear; but the most convincing results are obtained with explicitly nonlinear BOX-COX LOGIT specifications.

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