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Econometric Calibration of the Joint Time Assignment–Mode Choice Model

Departamento de Ingeniería Civil, Universidad de Chile, Santiago, Chile
Departamento de Ingeniería Civil, Universidad de Chile, Santiago, Chile
Departamento de Ingeniería Civil, Universidad de Chile, Santiago, Chile
Department of Civil, Architectural and Environmental Engineering, University of Texas at Austin, Austin, Texas 78712
mamuniza{at}ing.uchile.cl
jaradiaz{at}cec.uchile.cl
pgreevenf{at}hotmail.com
bhat{at}mail.utexas.edu

This paper describes the derivation and the econometric calibration of a joint time assignment–mode choice model with a microeconomic foundation, to be applied to the TASTI (time assignment travel and income) database. The econometric procedure is a full information maximum likelihood with three nonlinear continuous equations and one discrete choice. We use Lee's transformation [Lee, L. F. 1983. Generalized econometric models with selectivity. Econometrica 51 507–512] to include correlations between the continuous and discrete equations. This allows us to estimate (a) the value of time as a resource or value of assigning time to a pleasurable activity, (b) the value of assigning time to work, and (c) the value of assigning time to travel. We apply the method and obtain reasonable results. Finally, we identify some econometric challenges for further research.

Key Words: travel behavior; demand forecasting; time assignment; mode choice; discrete/continuous econometrics
History: Received: May 2006; revised: December 2007; accepted: December 2007.