Benefit estimation of transport projects--a representative consumer approach
AbstractIn this paper, by focusing on the forms of the utility function of a representative consumer, we explain the three typical models of benefit estimation for transport projects: the basic model, the Wardrop model, and the logit model. The basic model is a representative consumer model with a quasi-linear utility function that is additively separable between numeraire and transport services. The paper clarifies the relationship between these models and derives their implications for benefit estimation. We find that the Wardrop and logit models are special cases of the basic model and that the logit model degenerates to the Wardrop model in a limiting case. Although this relationship implies that one can apply the benefit estimation method for the basic model whatever method is used to estimate transport demand, the Wardrop and logit models have useful features for conducting benefit estimation for new routes.
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Bibliographic InfoArticle provided by Elsevier in its journal Transportation Research Part B: Methodological.
Volume (Year): 40 (2006)
Issue (Month): 7 (August)
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Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/548/description#description
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- Calthrop, Edward & De Borger, Bruno & Proost, Stef, 2008.
"Cost-benefit analysis of transport investments in distorted economies,"
Open Access publications from Katholieke Universiteit Leuven
urn:hdl:123456789/185875, Katholieke Universiteit Leuven.
- Calthrop, Edward & De Borger, Bruno & Proost, Stef, 2010. "Cost-benefit analysis of transport investments in distorted economies," Transportation Research Part B: Methodological, Elsevier, vol. 44(7), pages 850-869, August.
- Edward Calthrop & Bruno De Borger & Stef Proost, 2008. "Cost-benefit analysis of transport investments in distorted economies," Center for Economic Studies - Discussion papers ces0818, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
- Calthrop E. & De Borger B. & Proost S., 2008. "Cost-Benefit analysis of transport investments in distorted economies," Working Papers 2008011, University of Antwerp, Faculty of Applied Economics.
- Maarten van 't Riet, 2011. "The link approach to measuring consumer surplus in transport networks," CPB Discussion Paper 199, CPB Netherlands Bureau for Economic Policy Analysis.
- Paul Besseling & Maarten van 't Riet, 2009. "Welfare analysis in transport networks," CPB Discussion Paper 130, CPB Netherlands Bureau for Economic Policy Analysis.
- De Borger, Bruno & Fosgerau, Mogens, 2008. "The trade-off between money and travel time: A test of the theory of reference-dependent preferences," Journal of Urban Economics, Elsevier, vol. 64(1), pages 101-115, July.
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