Use of elasticity models to model variable demand

This study investigated whether simple elasticity models could be used as a proxy model when the fully specified variable demand model (VDM) takes a long time to run. Economic scheme user benefits using simple elasticity models were compared with those from fully specified VDMs. Two models were used: a model of an urban area with an average trip length of 15 km and a larger model with average trip lengths of 45 km. The urban model was used with three similar schemes to test three demand modelling regimes: full variable demand, power elasticity and exponential elasticity. The larger model was used with six different schemes and the same demand modelling regimes. The results showed that elasticity models could be used to help rank options to assist in scheme selection, providing that sufficient model convergence was achievable.

• Corporate Authors:

  Mott MacDonald

  ,    

  Faber Maunsell Ltd, UK

  ,    
• Publication Date: 2007-5

Language

• English

Media Info

• Pagination: RO/4/3/9

Subject/Index Terms

• TRT Terms: Costs; Economics; Mathematical models; Mechanical elasticity; Research projects; Travel; Variables
• ITRD Terms: 224: Cost; 255: Economics; 5912: Elasticity; 698: Journey; 6473: Mathematical model; 8557: Research project; 9086: Variability
• Subject Areas: Economics; Finance; Research; I10: Economics and Administration;

Filing Info

• Accession Number: 01079734
• Record Type: Publication
• Source Agency: Transport Research Laboratory
• Files: ITRD
• Created Date: Oct 22 2007 10:53AM