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
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.
Economic valuation, choice experiment, transport infrastructure, travel time savings, accidents
and pollution reduction.
International and European Economic Studies, Athens University of Economics and Business, Athens 10434, Greece