Research Topics in Agricultural and Applied Economics

Volume: 3

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The aim of this e-book series is to publish high quality economic research in agricultural and applied economics. It particularly fosters quantitative studies which make original contribution on ...
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A Choice Experiments Application in Transport Infrastructure: A Case Study on Travel Time Savings, Accidents and Pollution Reduction

Pp. 145-155 (11)

Phoebe Koundouri, Yiannis Kountouris and Mavra Stithou

Abstract

This paper presents the results of a Choice Experiment (CE) conducted to estimate the values derived from a highway construction project in Greece. To account for preference heterogeneity conditional logit with interactions and random parameter logit models are estimated. The results indicate that individuals have significant values for travel time savings, percentage decrease in traffic accidents, percentage decrease in traffic related emissions and landscape modifications. Models where the attributes are interacted with socioeconomic variables perform better and produce lower welfare estimates compared to models without interactions with important implications for cost benefit analysis.

Keywords:

Economic valuation, choice experiment, transport infrastructure, travel time savings, accidents and pollution reduction.

Affiliation:

International and European Economic Studies, Athens University of Economics and Business, Athens 10434, Greece