Classic and bayesian estimation of subjective value of time

In this paper, we estimate different travel time components in an urban transport context in Bogotá, by using discrete choice models. For the analysis, we evaluate two different approaches for model estimation: the maximum likelihood estimation (classical) and the Bayesian estimation, allowing a com...

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Autores:
Gutierrez-Torres, Margareth
Cantillo-Maza, Victor
Tipo de recurso:
Article of journal
Fecha de publicación:
2014
Institución:
Universidad Nacional de Colombia
Repositorio:
Universidad Nacional de Colombia
Idioma:
spa
OAI Identifier:
oai:repositorio.unal.edu.co:unal/50486
Acceso en línea:
https://repositorio.unal.edu.co/handle/unal/50486
http://bdigital.unal.edu.co/44483/
Palabra clave:
Modelo Logit Mixto
Estimación Bayesiana
Valor Subjetivo del Tiempo
Rights
openAccess
License
Atribución-NoComercial 4.0 Internacional
Description
Summary:In this paper, we estimate different travel time components in an urban transport context in Bogotá, by using discrete choice models. For the analysis, we evaluate two different approaches for model estimation: the maximum likelihood estimation (classical) and the Bayesian estimation, allowing a comparison between both approaches when are used to estimate the subjective value of time (SVT) as the marginal rate of substitution between time and cost. We found that the average SVT when we used the classical estimation is US$0.14/min; meanwhile, the access time was US$0.21/min and the penalty for a transfer is US$0.74. On the other hand, the average values estimated when using Bayesian approach were US$0.15/min for the SVT in vehicle, US$0.21/min for the access time and US$0.83 for the transfer penalty.