Donna, Javier D. (2018): Measuring Long-Run Price Elasticities in Urban Travel Demand.
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Abstract
This paper develops a structural model of urban travel to estimate long-run price elasticities. A dynamic discrete choice demand model with switching costs is estimated, using a panel dataset with public market-level data on automobile and public transit use for Chicago. The estimated model shows that long-run own- (automobile) and cross- (transit) price elasticities are more elastic than short-run elasticities, and that elasticity estimates from static and myopic models are downward biased. The estimated model is used to evaluate the response to a gasoline tax. Static and myopic models mismeasure long-run substitution patterns, and could lead to incorrect policy decisions.
Item Type: | MPRA Paper |
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Original Title: | Measuring Long-Run Price Elasticities in Urban Travel Demand |
English Title: | Measuring Long-Run Price Elasticities in Urban Travel Demand |
Language: | English |
Keywords: | Long-run price elasticities, Dynamic demand travel, Hysteresis |
Subjects: | L - Industrial Organization > L7 - Industry Studies: Primary Products and Construction > L71 - Mining, Extraction, and Refining: Hydrocarbon Fuels L - Industrial Organization > L9 - Industry Studies: Transportation and Utilities > L91 - Transportation: General L - Industrial Organization > L9 - Industry Studies: Transportation and Utilities > L98 - Government Policy |
Item ID: | 90260 |
Depositing User: | Professor Javier Donna |
Date Deposited: | 28 Nov 2018 10:18 |
Last Modified: | 28 Sep 2019 14:44 |
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URI: | https://mpra.ub.uni-muenchen.de/id/eprint/90260 |
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