Abstract
The aim of this paper is to apply advanced econometric techniques to estimate the monetary value of travel time in a Czech urban area. The model is cast in the discrete-choice framework and is applied on a data-set of actual transport behavior of Pilsen inhabitants.
To estimate the monetary value of the travel time, the probability of the choice of a particular transport mode for a specific trip purpose must be estimated. I consider the following transport modes: car, city public transport, bicycle and walking.
The Cube software provides trip characteristics for each trip and used mode and also for all alternative modes. I use a multinomial logit model.
Explanatory variables include trip costs, travel time, socio-demographic characteristics and attitudes towards transport modes. The choice is estimated for journeys to work and home.
The value of time varies with trip purpose. My results suggest that current practice of the Ministry of Transport significantly overestimates the actual value of time.