VALUING EXPRESSWAYS UNDER TIME PRESSURES by

Based on the stated-preference (SP) survey data collected from a sample of Osaka metropolitan area commuters, we examine the nature of willingness-to-pay (WTP) values respondents indicate for traveling on a tolled expressway under different levels of time pressure. The study shows that WTP varies with time pressure, and that there is systematic downward biases in reporting WTP. The framework of prospect theory is adopted in the analysis. Econometric analyses quantify the effect of time pressure on reported WTP values. Stochastic frontier regression is used to examine the tendency to report lower values. The model performs better than conventional linear and log-linear regression models and provides evidence for downward bias.