Microeconomic Formulation and Estimation of a Residential Location Choice Model: Implications for the Value of Time
构建了一个住宅区位选择的微观经济模型，利用排序偏好数据估计出条件间接效用函数，并计算家庭为减少通勤时间愿意支付的租金，以此衡量时间的主观价值。
Abstract We formulate a microeconomic model of residential location choice behavior as an aggregate of the individual behaviors of household members, subject to individual time constraints and a common income budget. A simplified version of the model is estimated from stated preference rank‐order data, yielding a function that may be interpretated as a conditional indirect utility function. We consider Box‐Tukey transformations, segmentation by income class, and a consistent treatment of data at different rank depths using the simultaneous mixed‐estimation method. Measures of the household's willingness‐to‐pay (through rents) for reducing travel times to work and study in the short run, are interpreted as subjective values of time and compared with such values derived from mode choice models. Our results are plausible, and consistent with recent findings showing that the short‐run benefits of transport projects derived by transport models are larger than benefits measured at the land use system.