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| Small, Kenneth A.; Yan, Jia. |
| Some road-pricing demonstrations use an approach call ed "value pricing", in which travelers can choose between a free but congested roadway and a priced roadway. Recent research has uncovered a potentially serious problem for such demonstrations: in certain models, second-best tolls are far lower than those typically charged, and the welfare gains from profit maximization are small or even negative. That research, however, assumes that all travelers are identical, and it therefore neglects the benefits of product differentiation, by which people with different values of time can choose a suitable cost / quality combination. Using a model with two user groups, we find that accounting for heterogeneity in value of time is important in evaluating constrained... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Value pricing; Congestion pricing; Value of time; Road pricing; High occupancy/toll lanes; Public Economics. |
| Ano: 2000 |
URL: http://purl.umn.edu/10550 |
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| Casey, James F.; Vukina, Tomislav; Danielson, Leon E.. |
| The paper tests two alternative specifications for the opportunity cost of time in travel cost models. The standard travel cost survey design is enriched to include a contingent valuation type question about peoples' willingness to accept compensation to forgo a precisely defined recreational experience. It is hypothesized that individually revealed value of time more appropriately reflects the opportunity costs of time associated with a particular aspect of recreation than the wage rate which measures the trade-off between work and leisure generally. The results seem to indicate a better overall fit for the models with the elicited value of individual consumer's time than for the models with the more traditional hourly earnings (wage rates). The... |
| Tipo: Journal Article |
Palavras-chave: Recreation demand; Travel cost model; Value of time; Resource /Energy Economics and Policy. |
| Ano: 1995 |
URL: http://purl.umn.edu/15282 |
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