Generalised cost

Roger Vickerman

A chapter in Elgar Encyclopedia of Transport and Society, 2025, pp 170-171 from Edward Elgar Publishing

Abstract: The demand for transport depends on more than just the outlay of money. It involves the input of time resources and is also affected by a range of other factors such as comfort, safety and convenience. The aggregation of these various characteristics into a single measure for use in forecasting and appraisal is called generalised cost. Here we outline the methods used to calculate generalised costs and identify various problems in their use. Particular problems include the variability of values between modes and types of trip.

Keywords: Generalised cost; Value of time; Demand forecasting; Project evaluation; Biased estimates; Modal split (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035330515
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