I would like to have a clear explanation about the value of time in the Becker (1964) and DeSerpa (1971) models. So far, I have a close interest in understanding the estimation procedure of travel time value or value of travel time savings using discrete choice models.
I have read so many papers, but they are very tricky and they jump between one step and another is a magic procedure that is not clear to me. If anybody could explain and make a numerical example I would really appreciate it.
You want to evaluate the travel time value as cost (money units for example dollar per each hour) if it is so you needs some statistic data of the society for example incomes , insurance and so forth i recommend you go through transportation economics paper or economic itself don't go through discrete choice models papers because in this models travel time is just as a parameter of random utility function and they don't clearly mention the way it gained
Thanks. Can you advise any paper or a sequence of paper to read? I am interested in the theretical model but also in the estimation procedure. My principal problem is pass from theoretical to estimation, because i have read some papers but i do not have acess to the datasets and the estimation algorithm. Can you help me if some clarifying papers? Thanks in advances.
There are some eye-opening numerical values reproduced at http://en.wikipedia.org/wiki/Value_of_time
I find it fascinating that the variable mode-of-transport has such an effect.
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