Value of travel time: a theoretical legitimization of some nonlinear representative utility in discrete choice models
This paper tackles the valuation function of travel time savings. Formally, this valuation function is derived from a nonlinear representative utility which successfully relates DeSerpa and DeSerpa to modal choice within the random utility theory framework. We demonstrate the existence of a theoretical relationship between on the one hand, the value of travel time savings, and on the other one, price, time and income levels. This result is undoubtedly more flexible than the particular case of a single time value which is commonly adopted in practice but requires restrictive assumption of marginal utilities constancy.
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Volume (Year): 35 (2001)
Issue (Month): 4 (May)
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- Truong, Truong P & Hensher, David A, 1985. "Measurement of Travel Time Values and Opportunity Cost from a Discrete-Choice Model," Economic Journal, Royal Economic Society, vol. 95(378), pages 438-451, June.
- Jara-Díaz, Sergio R. & Farah, Marcelo, 1987. "Transport demand and users' benefits with fixed income: The goods/leisure trade off revisited," Transportation Research Part B: Methodological, Elsevier, vol. 21(2), pages 165-170, April.
- Ben-Akiva, M. & Bolduc, D. & Bradley, M., 1993. "Estimation of Travel Choice Models with Randomly Distributed Values of Time," Papers 9303, Laval - Recherche en Energie.
- DeSerpa, A C, 1971. "A Theory of the Economics of Time," Economic Journal, Royal Economic Society, vol. 81(324), pages 828-846, December.
- Bates, John J, 1987. "Measuring Travel Time Values with a Discrete Choice Model: A Note," Economic Journal, Royal Economic Society, vol. 97(386), pages 493-498, June.
- DeSerpa, Allan C., 1973. "Microeconomic theory and the valuation of travel time: Some clarification," Regional and Urban Economics, Elsevier, vol. 2(4), pages 401-410.
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