Sensitivity analysis using approximate moment condition models

We consider inference in models defined by approximate moment conditions. We show that near‐optimal confidence intervals (CIs) can be formed by taking a generalized method of moments (GMM) estimator, and adding and subtracting the standard error times a critical value that takes into account the potential bias from misspecification of the moment conditions. In order to optimize performance under potential misspecification, the weighting matrix for this GMM estimator takes into account this potential bias and, therefore, differs from the one that is optimal under correct specification. To formally show the near‐optimality of these CIs, we develop asymptotic efficiency bounds for inference in the locally misspecified GMM setting. These bounds may be of independent interest, due to their implications for the possibility of using moment selection procedures when conducting inference in moment condition models. We apply our methods in an empirical application to automobile demand, and show that adjusting the weighting matrix can shrink the CIs by a factor of 3 or more.

Linking Residential Parking to Automobile Transportation Impact Outcomes at a Development Level

Although there exists a well-studied relationship between parking policies and automobile demand, conventional practices evaluating the transportation impacts of new land development tend to ignore this. In this paper, we: (a) explore literature linking parking policies and vehicle use (including vehicle trip generation, vehicle miles traveled [VMT], and trip length) through the lens of development-level evaluations (e.g., transportation impact analyses [TIA]); (b) develop a conceptual map linking development-level parking characteristics and vehicle use outcomes based on previously supported theory and frameworks; and (c) evaluate and discuss the conventional approach to identify the steps needed to operationalize this link, specifically for residential development. Our findings indicate a significant and noteworthy dearth of studies incorporating parking constraints into travel behavior studies—including, but not limited to: parking supply, costs or pricing, and travel demand management strategies such as the impacts of (un)bundled parking in housing costs. Disregarding parking in TIAs ignores a significant indicator in automobile use. Further, unconstrained parking may encourage increases in car ownership, vehicle trips, and VMT in areas with robust alternative-mode networks and accessibility, thus creating greater demand for vehicle travel than would otherwise occur. The conceptual map offers a means for operationalizing the links between: the built environment; socio-economic and demographic characteristics; fixed and variable travel costs; and vehicle use. Implications for practice and future research are explored.