ESTIMATION OF TRAVEL CHOICE MODELS WITH RANDOMLY DISTRIBUTED VALUES OF TIME

The value of time is a key concept in transport planning in terms of the economic valuation of travel time savings and the relative importance of time versus cost in travel forecasting models. A standard method for deriving values of time is to use the tradeoff ratio implied by the time and cost coefficients estimated in travel choice models. In actual choice situations, it is impossible to observe all the factors that affect the relative importance of time and cost. Thus, a method for estimating discrete travel choice models was derived and demonstrated with a randomly distributed value of time. In the case studies considered, significant improvements in model fit were obtained when distributed values of time were allowed. In prediction, more realistic responses were found by using the distributed value of time model than by using models with a fixed value of time.

• Record URL:
  http://onlinepubs.trb.org/Onlinepubs/trr/1993/1413/1413-010.pdf
• Record URL:
  https://scholar.google.com/scholar_lookup?title=ESTIMATION+OF+TRAVEL+CHOICE+MODELS+WITH+RANDOMLY+DISTRIBUTED+VALUES+OF+TIME&author=M.+Ben-Akiva&author=D.+Bolduc&author=M.+Bradley&publication_year=1993
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  • Find a library where document is available. Order URL: http://worldcat.org/isbn/0309055601
• Supplemental Notes:
  • This paper appears in Transportation Research Record No. 1413, Innovations in Travel Behavior Analysis, Demand Forecasting, and Modeling Networks. Distribution, posting, or copying of this PDF is strictly prohibited without written permission of the Transportation Research Board of the National Academy of Sciences. Unless otherwise indicated, all materials in this PDF are copyrighted by the National Academy of Sciences. Copyright © National Academy of Sciences. All rights reserved
• Authors:
  • Ben-Akiva, Moshe
  • Bolduc, Denis
  • Bradley, Mark
• Publication Date: 1993

Language

• English

Media Info

• Features: Figures; References; Tables;
• Pagination: p. 88-97
• Monograph Title: Innovations in travel behavior analysis, demand forecasting, and modeling networks
• Serial:
  • Transportation Research Record
  • Issue Number: 1413
  • Publisher: Transportation Research Board
  • ISSN: 0361-1981

Subject/Index Terms

• TRT Terms: Case studies; Choice models; Estimating; Value of time
• Uncontrolled Terms: Random distribution
• Subject Areas: Highways; Planning and Forecasting; Public Transportation; I72: Traffic and Transport Planning;

Filing Info

• Accession Number: 00642428
• Record Type: Publication
• ISBN: 0309055601
• Files: TRIS, TRB, ATRI
• Created Date: Feb 23 1994 12:00AM