Estimating the Value of Travel Time Using Mixed Logit Model: A Practical Survey in Nanjing
Value of travel time (VOTT) is a fundamental index in transportation economics, which represents the trip cost that the travelers are willing to pay for saving their travel time, working as a communicator between money and time. VOTT is of great importance in urban transportation planning and traffic forecasting as VOTT of travelers will impact on their traveling mode, frequency and routes. VOTT is calculated by estimating the ratio of the utility function on travel time and cost. The model is specified through logit regression analysis. In this paper, a stated preference survey on the VOTT of travelers is conducted in Nanjing, China. We adopt mixed logit model, which is a flexible model that allows the parameters to vary across the population and is not restricted by the IIA property, to perform the regression, and analyze the distribution of VOTT.
This study is supported by the Projects of International Cooperation and Exchange (No. 51561135003), Key Projects (No. 51638004) and Youth Projects (No. 71501038) of the National Natural Science Foundation of China.
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