Value-of-time (VOT) measures are valuable in a wide range of public transport policy and planning applications. A stated-preference survey will be designed and Mixed effects model will be Developed. The estimated coefficients from the developed models will be used to estimate VOT measures.
Eg;-
-> 5,99 €/h with the use of the generalized linear mixed model, What does the interpretation mean after the result?
Any help is appreciated.
In transport economics it‘s interpreted as how much an individual is ”willing to pay“ to avoid a delay.Among other things it’s helpful in cost/benefit studies for transport infrastructur.
In discrete choice models, willingness to pay (WTP) is calculated by dividing cost coefficient to total travel time coefficient. its interpretation is as follow: how much does an individual prefer to pay in order to reduce its delay.
In my opinion, it could be interpreted in different manners, one of them could consider the commercial value of transported cargo during the total transport time. In that way, this interpretation can be used to compare logistics performance in transport systems.
I have no experience of Mixed Logit Model but I have estimated VOT using Binary Logit Model with SP data. My recommendation is you should interpret based on the utility function you supposed. Pay your attention to the threshold point. Hope it's useful.
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