Econometric Calibration of the Joint Time Assignment--Mode Choice Model

Marcela Munizaga (), Sergio Jara-Diaz (), Paulina Greeven () and Chandra Bhat ()
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Marcela Munizaga: Departamento de Ingeniería Civil, Universidad de Chile, Santiago, Chile
Paulina Greeven: Departamento de Ingeniería Civil, Universidad de Chile, Santiago, Chile
Chandra Bhat: Department of Civil, Architectural and Environmental Engineering, University of Texas at Austin, Austin, Texas 78712

Transportation Science, 2008, vol. 42, issue 2, 208-219

Abstract: This paper describes the derivation and the econometric calibration of a joint time assignment--mode choice model with a microeconomic foundation, to be applied to the TASTI (time assignment travel and income) database. The econometric procedure is a full information maximum likelihood with three nonlinear continuous equations and one discrete choice. We use Lee's transformation [Lee, L. F. 1983. Generalized econometric models with selectivity. Econometrica 51 507--512] to include correlations between the continuous and discrete equations. This allows us to estimate (a) the value of time as a resource or value of assigning time to a pleasurable activity, (b) the value of assigning time to work, and (c) the value of assigning time to travel. We apply the method and obtain reasonable results. Finally, we identify some econometric challenges for further research.

Keywords: travel behavior; demand forecasting; time assignment; mode choice; discrete/continuous econometrics (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (14)

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