We estimate how motorists value their time savings and characterize the degree of heterogeneity in these values by observable traits. We obtain these estimates by analyzing the choices that commuters make in a real market situation, where they are offered a free-flow alternative to...

"Congestion generates travel delays and other unobservable but palpable costs, such as stress and frustration. This paper exploits a unique empirical setting to estimate these unobservable costs and the externalities that they imply. Results suggest that the size of these externalities is...

This paper investigates misspecified estimation and model selection criteria derived from the 'Information Criterion (see Akaike (1973))' for qualitative choice models. Four estimators for the 'Information Criterion' are derived for general qualitative choice models. Two of these estimators were...