Using prospect theory to investigate the low marginal value of travel time for small time changes

A common finding in stated preference studies that measure the value of travel time (VTT) is that the measured VTT increases with the size of the time change considered, in conflict with standard neoclassical economic theory. We present a new test of a possible explanation for the phenomenon that builds on the diminishing or constant sensitivity of the value functions in prospect theory.

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Year of publication:	2012
Authors:	Hjorth, Katrine ; Fosgerau, Mogens
Published in:	Transportation Research Part B: Methodological. - Elsevier, ISSN 0191-2615. - Vol. 46.2012, 8, p. 917-932
Publisher:	Elsevier
Subject:	Value of travel time \| Stated preference data \| Prospect theory \| Small time savings

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010580904