Willingness to pay for a high-speed passenger rail service between Barranquilla and Cartagena

Luis Gabriel Márquez Díaz

Abstract


This paper shows the factors influencing the willingness to pay (WTP) for a new high-speed passenger rail service between Barranquilla and Cartagena. We used the contingent valuation as an instrument for data collection and we conducted a sequential experimental design in order to identify factors that have significant effect on DAP, which average value was $29,000 Colombian pesos. We calibrated a first order regression model to explain the DAP based on the variables: headway, travel time and Wi-Fi availability and electrical outlets. The optimization process greatly enhanced the DAP to a cost of $39,000 Colombian pesos, which is considered very low compared with international benchmarks for these services, concluding that it calls into question the viability of the proposed system.


Keywords


Willingness to pay; High-speed passenger rail service; ANOVA; Multiple Linear Regression

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