Book reviews

Practice, Politics and Policies—"The Politics of Transport”. By Enid Wistrich. (Harlow, Essex: Longman Group Limited, 1983.) [Pp. 185, with index.] £4·25.

Econometric Analysis and Railway Costing. By W. G. Waters, II and A. D. Woodland. (North Oxford Academic, 1984.) [Pp.132.] £12·95.     

Port Economics,Policy and Management: Content Classification and Survey

This paper presents a taxonomy and analysis of the content of published research in port economics, policy and management (port studies). The recent increase of these publications suggests a growing interest in the study of ports. However, the research characteristics and directions of this research field are unidentified. This paper provides a systematic analysis of port studies published during the period 1997–2008. A comprehensive cross-citation and analysis of the themes, approaches and findings of all 395 relevant journal papers identifies the extent to which the research field is maturing, and the leading papers. This paper also presents an extensive analysis of the content, based on the classification of all port studies into seven research themes. For each theme, research topics, widely used research questions, concepts and research methods and the most important research findings are discussed. Finally, we identify emerging research challenges and research questions that still need to be answered.     

Covariance, identification, and finite-sample performance of the MSL and Bayes estimators of a logit model with latent attributes

In this paper we discuss the specification, covariance structure, estimation, identification, and point-estimate analysis of a logit model with endogenous latent attributes that avoids problems of inconsistency. We show first that the total error term induced by the stochastic latent attributes is heteroskedastic and nonindependent. In addition, we show that the exact identification conditions support the two-stage analysis found in much current work. Second, we set up a Monte Carlo experiment where we compare the finite-sample performance of the point estimates of two alternative methods of estimation, namely frequentist full information maximum simulated likelihood and Bayesian Metropolis Hastings-within-Gibbs sampling. The Monte Carlo study represents a virtual case of travel mode choice. Even though the two estimation methods we analyze are based on different philosophies, both the frequentist and Bayesian methods provide estimators that are asymptotically equivalent. Our results show that both estimators are feasible and offer comparable results with a large enough sample size. However, the Bayesian point estimates outperform maximum likelihood in terms of accuracy, statistical significance, and efficiency when the sample size is low.     

Computational Bayesian Statistics in Transportation Modeling: From Road Safety Analysis to Discrete Choice

In this paper, we review both the fundamentals and the expansion of computational Bayesian econometrics and statistics applied to transportation modeling problems in road safety analysis and travel behavior. Whereas for analyzing accident risk in transportation networks there has been a significant increase in the application of hierarchical Bayes methods, in transportation choice modeling, the use of Bayes estimators is rather scarce. We thus provide a general discussion of the benefits of using Bayesian Markov chain Monte Carlo methods to simulate answers to the problems of point and interval estimation and forecasting, including the use of the simulated posterior for building predictive distributions and constructing credible intervals for measures such as the value of time. Although there is the general idea that going Bayesian is just another way of finding an equivalent to frequentist results, in practice Bayes estimators have the potential of outperforming frequentist estimators and, at the same time, may offer more information. Additionally, Bayesian inference is particularly interesting for small samples and weakly identified models.     

Random regret minimization or random utility maximization: an exploratory analysis in the context of automobile fuel choice

Interest in alternative behavioural paradigms to random utility maximization (RUM) has existed ever since the dominance of the RUM formulation. One alternative is known as random regret minimization (RRM), which suggests that when choosing between alternatives, decision makers aim to minimize anticipated regret. Although the idea of regret is not new, its incorporation into the same discrete choice framework of RUM is very recent. This paper is the first to apply the RRM‐model framework to model choice amongst durable goods. Specifically, we estimate and compare the RRM and RUM models in a stated choice context of choosing amongst vehicles fuelled with petrol, diesel and hybrid (associated with specific levels of fuel efficiency and engine capacity). The RRM model is found to achieve a marginally better fit (using a non‐nested test of differences) than its equally parsimonious RUM counterpart. As a second contribution, we derive a formulation for regret‐based elasticities and compare utility‐based and regret‐based elasticities in the context of stated vehicle type choices. We find that in the context of our choice data, mean estimates of elasticities are different for many of the attributes and alternatives. Copyright © 2011 John Wiley & Sons, Ltd.     

Behavioural implications of preferences, risk attitudes and beliefs in modelling risky travel choice with travel time variability

The appropriate interpretation of a behavioural outcome requires allowing for risk attitude and belief of an individual, in addition to identification of preferences. This paper develops an Attribute-Specific Extended Rank-Dependent Utility Theory model to better understand choice behaviour in the presence of travel time variability, in which these three important components of choice are empirically addressed. This framework is more behaviourally appealing for travel time and travel time variability research than the traditional approach in which risk attitude and belief are overlooked. This model also reveals significant unobserved between-individual heterogeneity in preferences, risk attitudes and beliefs.     

Demand for taxi services: new elasticity evidence

This paper investigates the factors that influence the choice of, and hence demand for taxis services, a relatively neglected mode in the urban travel task. Given the importance of positioning preferences for taxi services within the broader set of modal options, we develop a modal choice model for all available modes of transport for trips undertaken by individuals or groups of individuals in a number of market segments. A sample of recent trips in Melbourne in 2012 was used to develop segment-specific mode choice models to obtain direct (and cross) elasticities of interest for cost and service level attributes. Given the nonlinear functional form of the way attributes of interest are included in the modal choice models, a simple set of mean elasticity estimates are not behaviourally meaningful; hence a decision support system is developed to enable the calculation of mean elasticity estimates under specific future service and pricing levels. Some specific direct elasticity estimates are provided as the basis of illustrating the magnitudes of elasticity estimates under likely policy settings.     

Simulation des temps de parcours du transport ferroviaire régional du bassin de vie stéphanois dans le cadre du projet Bahn.Ville

The French-German research project Bahn.Ville, dealing with Rail oriented development and intermodality in German and French urban regions, has consisted in identifying the principles and factors of success of an urban development oriented towards rail, and in testing them in the agglomeration of Saint-Étienne. One of the research-actions focussed on identifying and anticipating the potential impacts in terms of urban development of a new transport system, of the tram-train type, on an existing railway line. The effect of the insertion of new stops on the global journey time is one of the criterion of the evaluation of new stops. A simulation method of the journey times is presented in this paper. The interest and the limits of this approach, regarding the rolling stock choice and the insertion of new stops, are emphasized.