Value of time and behavioural models of modal choice
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Watson, Peter L.
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Abstract
This study is concerned with the problems of valuation
of time and the estimation of models of modal choice. Following a survey of the value of time literature, a behavioural hypothesis is developed which forms the basis of the modal choice
model to be estimated. This model is then set in the context
of the theory of consumer demand. The data used in the estimation of this model is derived from the Edinburgh Glasgow Area
Modal Split Study; the objectives, operations and results of
this survey effort are described, and the development of the
data base is outlined. It is a feature of this study that some
novel collection methods were used, notably in the questionnaire.
The estimation procedures which may be used to estimate binary
choice models are compared statistically and logit analysis is
selected for estimating the model. The content of the model
was found to differ greatly from the models estimated for commuters, and the income stratification was discovered to modify
the models considerably. A value of time was derived, but only
from a sub-optimum model. This value is higher than the
values derived from commuting studies. No value of time could
be derived for the separate income groups. The major conclusion is that the use of models built for commuters in other
situations is not a justifiable procedure.