Accessibility and uncertainty: An empirical analysis of option value in transport

Are there option values for transport services? A few studies have tried to answer this question through various stated preference methods, but we do not know much about its magnitude in different contexts. In paper, summarize the theory on value, present previous empirical work concerning transport, and discuss links accessibility. Accessibility can be seen as end product of system, argument pursue is that value a component Therefore, estimations ought connected marginal accessibility change an optional mode. The concept substitutability has potential meet criterion. It degree which alternative trip replace initially preferred trip, or, put differently, how at location composed. We conduct application test whether variation housing transaction prices associated with substitutability. find are higher where built up by several modes, given any level total interpret households, average, willing pay risk premium keep modes available.