Benefit estimation of transport projects--a representative consumer approach
In 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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Volume (Year): 40 (2006)
Issue (Month): 7 (August)
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