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Value of travel time: a theoretical legitimization of some nonlinear representative utility in discrete choice models

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  • Blayac, Thierry
  • Causse, Anne

Abstract

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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  • Blayac, Thierry & Causse, Anne, 2001. "Value of travel time: a theoretical legitimization of some nonlinear representative utility in discrete choice models," Transportation Research Part B: Methodological, Elsevier, vol. 35(4), pages 391-400, May.
    • Handle: RePEc:eee:transb:v:35:y:2001:i:4:p:391-400
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    References listed on IDEAS

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    1. 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.
    2. 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.
    3. 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.
    4. DeSerpa, A C, 1971. "A Theory of the Economics of Time," Economic Journal, Royal Economic Society, vol. 81(324), pages 828-846, December.
    5. 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.
    6. 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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    Cited by:

    1. Mickaël Beaud & Thierry Blayac & Maïté Stéphan, 2014. "Measurements and properties of the values of time and reliability," Working Papers 14-06, LAMETA, Universtiy of Montpellier, revised Jul 2014.
    2. Beaud, Mickael & Blayac, Thierry & Stéphan, Maïté, 2016. "The impact of travel time variability and travelers’ risk attitudes on the values of time and reliability," Transportation Research Part B: Methodological, Elsevier, vol. 93(PA), pages 207-224.
    3. Wiktor Budziński, 2015. "The effects of non-constant marginal utility of cost for public goods valuation," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 43.
    4. Ozbay, Kaan & Yanmaz-Tuzel, Ozlem, 2008. "Valuation of travel time and departure time choice in the presence of time-of-day pricing," Transportation Research Part A: Policy and Practice, Elsevier, vol. 42(4), pages 577-590, May.
    5. Feriél Adjeroud & Thierry Blayac, 2018. "Bus and carpooling travel time perceptions by users: what about the values of travel time for long-distance trips in France? [Perception du temps de transport par les usagers de l’autocar et du cov," Post-Print hal-02099824, HAL.
    6. Vansteenwegen, P. & Van Oudheusden, D., 2007. "Decreasing the passenger waiting time for an intercity rail network," Transportation Research Part B: Methodological, Elsevier, vol. 41(4), pages 478-492, May.

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