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A Production-Based Approach to Travel Choice Modeling  

Mun, Dong-Ju (한양대학교 도시공학과 BK21사업단)
Publication Information
Journal of Korean Society of Transportation / v.25, no.5, 2007 , pp. 209-231 More about this Journal
Abstract
This paper suggested an approach to characterize travel choice behaviors using the implicit price instead of the indirect utility. The choice criterion to compare the implicit prices of available trip options was developed from the utility maximization problem of a trip maker which is supposed to choose the best option from the available ones differentiated by only by the quantitative attributes such as travel cost and time but also by qualitative attributes such as comfort and safety. The utility maximization problem is constructed under household production theory, and is incorporated with a special kind of joint homogeneous production functions. The implicit price of a certain trip option is the sum of the monetary price and the multiple of travel time and the value-of-travel-time, and the value-of-travel-time refers to the portion of wage, which can be assignable to the trip-making activity. This choice criterion is statistically identifiable, and behaviorally plausible. Moreover, this criterion has the expression simpler than the indirect utility, and therefore could be an effective target of the statistical estimation for travel choice behaviors.
Keywords
travel choice; implicit price; indirect utility; household production theory; homogeneous production function;
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