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An alternative approach to applying different values of time to each part of the journey is to apply a weighting to time spent on each different part of the journey which quantifies the level of dislike a traveller has for time spent on that bit of the journey relative to time spent in-vehicle. For
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Typically, although travellers "dislike" all time spent travelling, they dislike walking and waiting parts of the journey more than in-vehicle journey time, and thus would be willing to pay more to avoid them. This results in a higher value of time for those parts of the journey than the main
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example, if a traveller considers 10 minutes' walk to be "as bad" as 12 minutes in a vehicle, then each minute of walking time is equivalent to 1.2 minutes of in-vehicle time. In this manner, all parts of the journey can be converted into their equivalent in-vehicle time.
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system, every traveller imposes a small delay on every other traveller, increasing the journey time for all travellers. The generalised cost function can be expanded to reflect this
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and non-monetary costs of a journey. It is sometimes used as a basis for judgements of transit accessibility and equitable distribution of public transit resources.
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It has been observed that travellers prefer time spent on some parts of their journey over time spent on others. A typical journey can be divided into four parts:
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refers to the opportunity cost of the additional journey time a traveller experiences because of congestion. In transport economic models, the parameter
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is a measure of road standard or public transport service level, both of which are related to capacity). When the free-flow journey time is known,
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For example, if the travel time on a particular stretch of road increases by 10 minutes for every 1000 vehicles per hour that use the road, if
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Once the equivalent in-vehicle time for the whole journey is calculated, this can be converted to a monetary value as described earlier.
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Non-monetary costs refer to the time spent undertaking the journey. Time is converted to a money value using a
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El-Geneidy, Ahmed; Levinson, David; Diab, Ehab; Boisjoly, Genevieve; Verbich, David; Loong, Charis (2016).
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theory, and so demand for journeys can be related to the generalised cost of those journeys using the
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were measured in thousands of vehicles per hour, we would consider the congestion function to be
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figure, which usually varies according to the traveller's income and the purpose of the trip.
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refers to the non-monetary (time) costs of an uncongested journey. This is a function of
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Cesario, Frank J (1976). "Value of Time in
Recreation Benefit Studies".
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journeys, and for walk-only journeys, there is no division into parts.)
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In a basic form, the generalised cost (g) is composed of the following:
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Bruzelius, Nils A (1981). "Microeconomic theory and generalised cost".
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The generalised cost is equivalent to the price of the good in
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Transportation
Research Part A: Policy and Practice
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