Table 4 Estimated Demand Equation ,,,,,,,,,,
Dependent variable: D(LTRAFFIC),,,,,,,,,,
Estimation method: weighted least squares,,,,,,,,,,
"Total system (unbalanced) observations: 990
",,,,,,,,,,
Variable,Coefficient,Std. error,t-statistic,P-value,,,,,,
D(LGDP),0.8901,0.0409,21.7605,0.0000,,,,,,
D(LPGAS),–0.3367,0.0153,–22.0050,0.0000,,,,,,
D(LTRAFFIC(–1)),0.3659,0.0158,23.1470,0.0000,,,,,,
D(LTOLL1),–0.2092,0.0177,–11.813,0.0000,,,,,,
D(LTOLL2),–0.3707,0.0147,–25.248,0.0000,,,,,,
D(LTOLL3),–0.4449,0.0225,–19.801,0.0000,,,,,,
D(LTOLL4),–0.8286,0.0844,–9.8179,0.0000,,,,,,
D(Z1),–0.0517,0.0260,–1.9919,0.0467,,,,,,
D(Z2),–0.0689,0.0239,–2.8782,0.0041,,,,,,
D(Z3),–0.0718,0.0246,–2.9179,0.0036,,,,,,
D(Z4),–0.0519,0.0263,–1.9745,0.0486,,,,,,
D(Z5),0.1549,0.0396,3.9136,0.0001,,,,,,
D(Z6),0.1690,0.0364,4.6466,0.0000,,,,,,
D(Z7),0.1196,0.0583,2.0507,0.0406,,,,,,
D(Z8),–0.0679,0.0219,–3.1035,0.0020,,,,,,
D(Z9),–0.0623,0.0201,–3.1029,0.0020,,,,,,
D(Z10),–0.0656,0.0286,–2.2911,0.0222,,,,,,
D(Z11),–0.0425,0.0227,–1.8689,0.0619,,,,,,
D(Z12),–0.0550,0.0250,–2.2015,0.0279,,,,,,
D(Z13),0.0746,0.0251,2.9698,0.0031,,,,,,
D(Z14),–0.0337,0.0201,–1.6798,0.0933,,,,,,
D(Z15),0.0626,0.0202,3.0952,0.0020,,,,,,
D(Z16),–0.0360,0.0188,–1.9175,0.0555,,,,,,
D(Z17),0.0498,0.0188,2.6367,0.0085,,,,,,
D(Z18),0.0445,0.0192,2.3154,0.0208,,,,,,
D(Z19),0.0404,0.0153,2.6397,0.0084,,,,,,
D(Z20),0.0529,0.0134,3.9563,0.0001,,,,,,
D(Z21),0.1698,0.0433,3.9163,0.0001,,,,,,
D(Z22),0.0812,0.0163,4.9712,0.0000,,,,,,
D(Z23),0.0822,0.0207,3.9686,0.0001,,,,,,
D(Z24),0.1379,0.0187,7.3903,0.0000,,,,,,
D(Z25),–0.1366,0.0488,–2.7992,0.0052,,,,,,
D(Z26),0.0864,0.0177,4.8746,0.0000,,,,,,
D(Z27),0.0751,0.0175,4.2902,0.0000,,,,,,
D(Z28),0.0451,0.0206,2.1897,0.0288,,,,,,
R2 (average for the motorway sections),0.74,,,,,,,,,
First order autocorrelation coefficient (pooling estimation for the motorway sections),0.019,,,,,,,,,
"Note: All variables are defined in first differences (D) of the logarithm (L). GDP = gross domestic product; PGAS = gasoline price; TRAFFIC = average daily traffic volume; TOLL1 = low toll elasticity group; TOLL2 = low-medium toll elasticity group, TOLL3 = medium-high toll elasticity group; TOLL4 = high toll elasticity group; D(Z1) to D(Z28) = first differences of the dummy variables to account for changes in the road network.",,,,,,,,,,