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Fundamentals of economic demand modeling: Lessons . . .

By Kenneth A. Small


This chapter presents essential methods developed in transportation economics and travel demand analysis, and describes how they are used to measure the economic value that consumers place on product characteristics. The chapter focuses primarily on discrete-choice models estimated using data on individual consumers. It develops such models from a random utility framework, derives the familiar probit and logit models including multinomial logit, and provides examples of models developed for real transportation analysis. The chapter also presents more advanced discrete-choice models including generalized extreme value and mixed logit. Recent developments in stated-preference data and panel data are described. The use of such models for design is illustrated by a theoretical and empirical review of the value of time an

Year: 2005
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