Benefit-estimation of Transport Project－Basic Models and their Characteristics－

Abstract

In this paper, we explain three basic models of benefit-estimation for transport projects, which are the general model,the perfect-substitute model, and the logit model, and show their merits and demerits. The main contribution of this paper is to clarify the relationship among these three models and show that the general model includes the perfect-substitute model and the logit model as special cases. This result suggests that we can basically rely on the general model, regardless of the estimation method of transport demand. After deriving theoretical results, we use examples to illustrate how to estimate the benefits of transport projects practically.