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, I use a multinomial logit model. The set of explanatory variables includes trip costs, travel time, socio-demographic characteristics and attitudes towards various transport modes.
The choice is estimated for journeys to work and journeys to home during the reference day. As can be expected, the value of time differs according to the trip purpose.
The values vary between 40 and 56 CZK per hour for trips to work and between 38 and 74 CZK per hour for trips to home. The highest value was estimated for trips from work to home, the lowest value was received for trips to home from shopping.
The results confirm that the value of time of leisure trips is lower than that of trips to or from work.