A utility-theory travel demand model incorporating travel budgets
A model of traveler behavior is proposed which is consistent with the possibility that travelers expend average daily amounts of time and money on travel with stable regularities both among urban areas and over time in the same area. The model is founded on economic utility theory. It is designed to forecast: (1) the amount of total travel generated by types of households, (2) the division of travel among available modes, and (3) the relationship between the amounts of time and money allocated to travel expenditures. The qualitative properties of the model are shown to be consistent with economic principles. Specific theoretical results reveal that, in the simultaneous presence of constraints on both time and money, travel budgets are not strictly constant proportions of income and time available as they are in the cases of single constraints relevant to classes of travelers to whom time is scarce compared to money, or conversely. Constant expenditure proportions are shown to be linear approximations which are subject to empirical validation. The relevant economic principle is that expenditures can be considered fixed in the short run but become flexible in the long run when utility maximization is applied to the expenditures themselves and not just to their allocation. Empirical tests of the model using data from three urban areas are positive, but additional tests are called for. The most important output of the research is deemed to be the establishment of theoretical hypotheses which can be used in continuing tests of travel budgets.
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Volume (Year): 15 (1981)
Issue (Month): 6 (December)
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