Theory of Route Choice and the Value of Time
The first section of this book has concentrated on the specification of the supply side of travel on urban highways. The demand side receives attention in this and the next chapter. Our purpose here is not to provide a comprehensive discussion of the demand for urban travel, but rather to concentrate on whether the commuter chooses a tollway for the drive to work. After some introduction to urban travel demand in general, this chapter examines the theory of route choice and the value of time. Chapter 5 is an empirical study of the choice of freeways versus tollways. A comprehensive theoretical and empirical survey of the demand for urban travel is provided by Small in his text “Urban Transportation Economics” (1992).
KeywordsRoute Choice Travel Demand Marginal Unit Money Cost Urban Highway
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