## Table 6 Estimation Results of the Ordered Probit Model

## Table 6

Estimation Results of the Ordered Probit Model

Dependent variable: category of toll elasticity (from 1 to 4)

Robust *t*-statistics

Variable | Coefficient | Std. error | t-statistic |
P-value |
---|---|---|---|---|

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 | |||

Likelihood ratio-statistic | 25.60 (critical value at 5% = 9.49) |

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).