BEHIND THE SUBJECTIVE VALUE OF TRAVEL TIME SAVINGS : THE PERCEPTION OF WORK, LEISURE, AND TRAVEL FROM A JOINT MODE CHOICE ACTIVITY MODEL

In this paper the authors use a small population of travelers in Santiago, Chile to show that coupling microeconomically-founded activity models and travel choice models can yield a better understanding of individual travel behavior, especially through the analysis of the value of time. Many travel choice models have been used to calculate the full value of travel time savings, but its components have never been estimated quantitatively. The data reveal perceptions of work time, leisure, and travel time that hide behind formation of a willingness to pay to reduce travel, according to the authors. The paper also suggests future areas for research.