Confidence intervals of willingness-to-pay for random coefficient logit models |
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| Institution: | 1. COHERE, University of Southern Denmark, Odense, Denmark;2. Institute for Transport Studies, University of Leeds, UK;1. Institute for Transport Studies, University of Leeds, 36-40 University Road, LS2 9JT Leeds, UK;2. Institute for Environmental Studies, Vrije Universiteit Amsterdam, De Boelelaan 1087, 1081HV Amsterdam, Netherlands;3. Department of Economics, University of Waterloo, 200 University Avenue West, Waterloo, ON N2L 3G1, Canada;4. Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam, De Boelelaan 1105, 1081 HV Amsterdam, Netherlands;1. Department of Economics, IDEAR, Universidad Catolica del Norte, Antofagasta, Chile;2. School of Civil and Environmental Engineering, Cornell University, Ithaca, NY 14853, USA |
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| Abstract: | 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 RCL models estimated in preference space, 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 variance–covariance matrix of the estimates of the distributional parameters. The same Delta method can be applied when the model is estimated in WTP space. Compared to simulation methods such as proposed by Krinsky and Robb, the Delta method is able to avoid most of the simulations by deriving partly analytical expressions for the standard errors. Examples of such computations are shown for different combinations of random distributions. |
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| Keywords: | Willingness-to-pay Confidence intervals Random coefficient logit Delta method |
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