Confidence intervals of willingness-to-pay for random coefficient logit models / Michiel C.J. Bliemer and John M. Rose
- Bib ID:
- 6268368
- Format:
- Book
- Author:
- Bliemer, Michiel C. J., 1972-, author
- Online Version:
- http://sydney.edu.au/business/__data/assets/pdf_file/0019/160444/ITLS-WP-13-01.pdf
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- Description:
-
- [Sydney] : Institute of Transport and Logistics Studies, The Australian Key Centre in Transport Management, January 2013
- 18 pages : illustrations ; 30 cm.
- Series:
- Working paper (University of Sydney. Institute of Transport and Logistics Studies) ; 13-01. 1832-570X
- Summary:
-
Random coefficient logit (RCL) models containing random parameters are increasingly used for modelling travel choices. Willingness-to-pay (WTP) measures, such as the value of travel time savings (VTTS) are, in the case of such RCL models, ratios of random parameters. In this paper we apply the Delta method to compute the confidence intervals of such WTP measures, taking into account the variancecovariance matrix of the estimates of the distributional parameters. Compared to simulation methods such as proposed by Krinsky and Robb, the Delta method is able to avoid some of the simulations by deriving partly analytical expressions for the standard errors. Examples of such computations are shown for different combinations of random distributions.
- Notes:
-
- Includes bibliographical references (pages 17-18)
- Also available online. Address as at 21/6/13: http://sydney.edu.au/business/__data/assets/pdf_file/0019/160444/ITLS-WP-13-01.pdf
- Subject:
- Other authors/contributors:
- Copyright:
-
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Copyright status was determined using the following information:
- Material type:
- Literary Dramatic Musical
- Published status:
- Published
- Publication date:
- 2013
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