Abstract
Value of travel time savings mainly consists of two components-value of time as a resource and value of time as a commodity. This paper proposes a methodology to separately measure the components of value of travel time savings. A time allocation model for the commuting mode choice behavior provides theoretical grounds to the separation leading to an appropriate functional form of the discrete choice model. Reveled Preference data related to the choice between transit and private car is used for the case study. Compared with the standard modeling approach, the estimation results show improvement in the estimation reliability, and provide a useful view to transportation system analysis.
