Appendix C demand elasticities for highway travel.
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Appendix C demand elasticities for highway travel.

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  • Alternative Title:
    Demand elasticities for highway travel
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  • Abstract:
    An elasticity summarizes a large amount of information in a single number. Levels and

    distribution of incomes, price levels of the specific good and of substitute and complementary

    goods, preferences and tastes, transaction costs, etc., can, ceteris paribus, affect

    the measured value of any particular demand-price elasticity. The elasticity concept normalizes

    for the measurement scales (e.g., pounds or kilograms, dollars or pesos) and price levels (to the degree that the demand curve is constant elasticity), but other factors are ignored or implicitly averaged. Although the price elasticity of travel demand is frequently mentioned in discussion, there is no direct empirical measurement of elasticity with respect to the price of highway travel, and there are several alternatives about even what that price consists of.

    The review and synthesis presented in this Appendix was conducted for the purpose of

    establishing values for use in the HERS model to represent the short run elasticity of

    demand on a given highway section, and to estimate the long run share parameter used

    for estimating induced demand, as described in Appendix B.

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