Bias of Trip Estimation Based on the Generalized Transport Cost and Endogenous Value of Time

Under an exogenous working time assumption, the value of time cannot be constant: it is affected by travel time, travel fees and other exogenous factors. This paper carries out numerical simulations, assuming a nested C. E. S. form of the utility function. They are derived from numerical simulations that the change in value of time tends to be sensitive to travel time and slightly sensitive to travel fees. The influences of changes in travel time and travel fees on the number of visits can differ greatly even if those changes are equivalent in terms of generalized transportation costs.