Travel Time and the Price of Leisure

A new approach to calculate the value of leisure is developed and applied. This is derived from a consumer behaviour model that includes goods and activities. A system of time assignment equations is explicitly obtained from which the values of both leisure and work can be analytically calculated using econometrically estimated parameters. This framework is applied using detailed data from three samples in diverse settings: Santiago (Chile), Karlsruhe (Germany), and Thurgau (Switzerland). The empirically estimated values of leisure differ from the wage rate and a theoretical justification is provided.

Section: A Model Of Time Allocationmentioning

confidence: 99%

Section: Many Authors Have Investigated the Relations Between Each Ofmentioning

confidence: 99%

Estimating the value of leisure from a time allocation model

Jara-Dı́az

Munizaga

Greeven

et al. 2008

“…Johnson (1966) introduced work time and Oort (1969) introduced travel time into the framework. Oort introduced the interpretation that the utility rates ℎ, may be understood as the difference between the utility rate achieved at the origin or the destination and the utility rate achieved during travelling.…”

Section: Bibliographical Notesmentioning

confidence: 99%

The cost of travel time variability: Three measures with properties

Engelson

Fosgerau

2016

This paper explores the relationships between three types of measures of the cost of travel time variability: measures based on scheduling preferences and implicit departure time choice, Bernoulli type measures based on a univariate function of travel time, and meandispersion measures. We characterise measures that are both scheduling measures and meandispersion measures and measures that are both Bernoulli and mean-dispersion. There are no measures that are both scheduling and Bernoulli. We consider the impact of requiring that measures are additive or homogeneous, proving also a new strong result on the utility rates in an additive scheduling measure. These insights are useful for selecting cost measures to use in applications.

“…This situation could change as very rich GPS data sources emerge that allow us to measure the travel times in large networks as well as observe many actual route choices. The framework presented in this paper offers a way to model 7 The micro-economic formulation of the theory of the value of travel time was fundamentally formulated by Beckmann et al (1956), Johnson (1966), Oort (1969) and DeSerpa (1971). The estimation of the WTP for travel time is reviewed in Hensher (2001) and Gunn (2000).…”

Section: Discussionmentioning

confidence: 99%

A link based network route choice model with unrestricted choice set

Fosgerau

Frejinger

Karlström

2013

216

139

This paper considers the path choice problem, formulating and discussing an econometric random utility model for the choice of path in a network with no restriction on the choice set. Starting from a dynamic specification of link choices we show that it is equivalent to a static model of the multinomial logit form but with infinitely many alternatives. The model can be consistently estimated and used for prediction in a computationally efficient way. Similarly to the path size logit model, we propose an attribute called link size that corrects utilities of overlapping paths but that is link additive. The model is applied to data recording path choices in a network with more than 3,000 nodes and 7,000 links.