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Enhancing rail direct demand models with competition between ticket types using contributions from economic theory and market research
Transportation Research Part A: Policy and Practice ( IF 6.3 ) Pub Date : 2020-06-09 , DOI: 10.1016/j.tra.2020.05.017
Jeremy Toner , Mark Wardman , Jeremy Shires , Fitsum Teklu , Andrew Hatfield

Direct demand models estimated to ticket sales data have for many years provided evidence on how key variables influence rail demand in Great Britain. Nonetheless, there has been relatively little estimation of demand models disaggregated by ticket type which would provide own and cross-price elasticities that can inform the pricing of different ticket products. We here report such enhanced models estimated on large data sets and exploiting the relationships of economic theory within a demand system. In addition, a complementary market research exercise is undertaken that itself provides ticket specific own and cross-elasticities and which also supports the estimation of models jointly based on actual and stated behaviour. We conclude that the demand systems approach can recover robust ticket specific own-elasticities but that there are econometric difficulties in estimating cross-elasticities even using supporting economic theory, so that cross-elasticities between tickets are better deduced from these own-elasticities than estimated. This contrasts with the convention in the railway industry in Great Britain where own and cross-elasticities are deduced from recommended conditional elasticity evidence. Market research also has a role to play and provides own-elasticities that, as is common, are rather larger and cross-elasticities that are a little larger than those derived from ticket sales analysis. A key feature of this work is to reconcile those two approaches by scaling the market research elasticities using ticket sales data. This further supports our conclusion that generating robust own-elasticities and deducing cross-elasticities from these is currently the most fruitful method of obtaining a full set of own- and cross-elasticities for different ticket types within a demand system framework, and that this approach is superior to the conventional single equation approach.



中文翻译:

利用经济理论和市场研究的贡献,通过票种之间的竞争增强铁路直接需求模型

估计票务销售数据的直接需求模型已经提供了多年证据,证明了关键变量如何影响英国的铁路需求。尽管如此,按机票类型分类的需求模型的估计相对较少,因为需求模型提供了自身和交叉价格的弹性,可以为不同的机票产品定价。我们在这里报告了在大数据集上估计的这种增强模型,并利用了需求系统内的经济理论之间的关系。此外,还进行了补充的市场研究活动,该活动本身提供了特定于票证的自身和交叉弹性,并且还支持根据实际和陈述的行为联合估算模型。我们得出的结论是,需求系统方法可以恢复可靠的票证特定的自身弹性,但是即使使用支持性经济学理论来估计交叉弹性也存在计量经济学上的困难,因此从这些自身弹性中推导出票证之间的交叉弹性要好于估计。这与英国铁路行业的惯例形成对比,后者从建议的条件弹性证据推论出自身弹性和交叉弹性。市场研究也可以发挥作用,并提供自己的弹性,这种弹性通常比较大,而交叉弹性比门票销售分析得出的弹性更大。这项工作的关键特征是通过使用票务销售数据扩大市场研究的弹性来调和这两种方法。

更新日期:2020-06-09
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