Abstract
The behavioral value of travel time is an important factor for evaluating alternative transportation facility or service improvement projects based on road user-benefit approach. This article presents the behavioral value of travel time with reference to home-based school tour in California. Initially a single value of travel time is quantified from multinomial logit and nested logit (NL) model estimate. Later random parameter logit (RPL) model is employed by specifying a random component for the travel time attribute. The values of travel time emanating from RPL model estimate are quantified across student population by assuming different types of tent-shaped random distributions such as triangular and normal. In this study the value of travel time is investigated separately for two types of home-based school tour: grade school and college-university. Overall this study examines the effect of alternative logit model specifications on quantification of value of travel time. The study is demonstrated using household travel diary data of the state of California, which is revealed preference in nature.
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