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| Author: | Fosgerau, M. |
| Title: | Speed and income |
| Journal: | Journal of Transport Economics and Policy
2005 : MAY, VOL. 39:2, p. 225-240 |
| Index terms: | road transport traffic travel time incomes models |
| Language: | eng |
| Abstract: | The relationship btw. speed and income (hereafter as: s-and-i.) is established in a microeconomic model focusing on the trade-off btw. travel time and the risk of receiving a penalty for exceeding the speed limit. This is used to determine when a rational driver will choose to exceed the speed limit. The relationship btw. s-and-i. is found in the empirical analysis of a cross-sectional dataset comprising 60.000 car trip observations used for regressions of speed on income, distance travelled, and a number of controls. The results are statistically significant, indicating an average income elasticity of speed of 0.02. It is smaller at short distances and about twice as large at the longest investigated distance (of 200 km). |
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