MEASUREMENT OF TRAVEL TIME VALUES AND OPPORTUNITY COST FROM A DISCRETE-CHOICE MODEL

Section 1 of the paper introduces discrete choice models which contain elements of Becker and Deserpa theories. Section 2 outlines the concepts of (quality-adjusted) value of travel time and the (uniform or unadjusted) shadow price of time. Sections 3 and 4 explain how values and shadow price of time can be measured using the discrete choice models described in section 2. Section 5 explains the importance of the so-called "model-specific constants" in a mode choice model in the light of the empirical results of sections 3 and 4. (TRRL)

• Corporate Authors:

  Cambridge University Press

  Edinburgh Building, Shaftesbury Road
  Cambridge CB2 2RU,   England 
• Authors:
  • Truong, T P
  • Hensher, D A
• Publication Date: 1985-6

Media Info

• Features: References; Tables;
• Pagination: p. 438-451
• Serial:
  • ECONOMIC JOURNAL
  • Volume: 95
  • Issue Number: 378

Subject/Index Terms

• TRT Terms: Analysis; Costs; Decision making; Discrete systems; Evaluation and assessment; Mathematical models; Measurement; Mode choice; Opportunity models; Transportation modes; Transportation planning; Travel time; Trip length
• Uncontrolled Terms: Selection
• Geographic Terms: Australia
• Old TRIS Terms: Analytical method; Modal selection
• ITRD Terms: 8006: Australia; 224: Cost; 2248: Decision process; 9015: Discontinuous; 9020: Evaluation (assessment); 697: Journey time; 6473: Mathematical model; 6136: Measurement; 680: Opportunity model; 9072: Selection; 1145: Transport mode
• Subject Areas: Finance; Highways; Operations and Traffic Management; Planning and Forecasting; Public Transportation; I71: Traffic Theory;

Filing Info

• Accession Number: 00451237
• Record Type: Publication
• Source Agency: Transport Research Laboratory
• Files: ITRD, TRIS, ATRI
• Created Date: Nov 30 1985 12:00AM