| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26956 |
| 来源ID | Working Paper 26956 |
| Avoiding Traffic Congestion Externalities? The Value of Urgency | |
| Antonio Bento; Kevin Roth; Andrew R. Waxman | |
| 发表日期 | 2020-04-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | In Becker (1965) and neoclassical microeconomic theory the value of time is a constant fraction of the hourly wage. When taken to data, however, this value departs from theoretical predictions, and appears to vary with the amount of time saved. By observing drivers on freeways opting to enter toll lanes with high-frequency, time-varying prices that secure a minimum level-of-service, we uncover a new and fundamental aspect of preferences for travel time savings related to urgency. The presence of preferences for urgency, which reflect the fact that individuals often face discrete penalties for being late, allows us to reconcile the pattern observed in the data with neoclassical theory. Using a rich, repeated-transaction data and individual-level hedonic estimation, we show that the value of urgency accounts for 87 percent of total willingness-to-pay for time savings. As a result, ignoring the value of urgency in cost-benefit analysis severely underestimates the true value of time savings that projects deliver, as such omission will typically ignore non-trivial welfare gains to a potentially large number of individuals. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Welfare and Collective Choice ; Public Economics ; Taxation ; Industrial Organization ; Regulatory Economics ; Industry Studies ; Environmental and Resource Economics ; Environment ; Regional and Urban Economics |
| URL | https://www.nber.org/papers/w26956 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584629 |
| 推荐引用方式 GB/T 7714 | Antonio Bento,Kevin Roth,Andrew R. Waxman. Avoiding Traffic Congestion Externalities? The Value of Urgency. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26956.pdf（850KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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