Evaluate an expression of ternary operators
Retina, 23 bytes

r-1=+`0\?.:|1\?(.):.
$1


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Explanation

It's fairly simple actually. The input is reduced to the result by repeatedly (+) evaluating ternaries that contain only literals. To make sure this is done right-associatively, we look for matches from right to left (r) and replace only the last match we find (-1=).

The regex itself either matches 0\?.: and removes it (leaving only the stuff after :) or 1\?.:. and replaces it with the value after the ?.