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Table 6
Estimation Results of the Ordered Probit Model
Dependent variable: category of toll elasticity (from 1 to 4)
Robust t-statistics
Excel | CSV
| Speed on the alternative
road |
0.032 |
0.010 |
3.298 |
0.001 |
| Percentage
of heavy vehicles on the alternative road |
–0.053 |
0.017 |
–4.233 |
0.000 |
| Motorway section length |
0.024 |
0.010 |
4.268 |
0.000 |
| Tourist dummy |
–1.227 |
0.358 |
–3.340 |
0.001 |
| Limit_1 |
0.919 |
0.862 |
1.214 |
0.226 |
| Limit_2 |
2.393 |
0.920 |
3.014 |
0.003 |
| Limit_3 |
3.666 |
0.962 |
3.814 |
0.000 |
| Observations |
52 |
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| Likelihood ratio-statistic |
25.60 (critical value at 5% = 9.49) |
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Notes: The limit points are the estimates of the threshold coefficients of the distribution function. That is, if F(X'β) is the distribution function of the unobserved continuous latent variable, the ordered probit model implies that:
If F(X'β) ≤ Limit_1, then the dependent variable falls into category 1 (low elasticity).
If Limit_1≤ F(X'β) ≤ Limit_2, then the dependent variable falls into category 2 (middle-low elasticity).
If Limit_2 ≤ F(X'β) ≤ Limit_3, then the dependent variable falls into category 3 (middle-high elasticity).
If F(X'β) > Limit_3, then the dependent variable falls into category 4 (high elasticity).
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