Conference Interactive Program
To view the 2013 Annual Meeting Interactive Program
TRB 91st Annual Meeting (January 22-26, 2012)
Innovations in Activity and Travel Behavior
Jan 25 2012 8:30AM- 10:15AM
Hilton, International Center
Accommodating Multiple Constraints in Multiple-Discrete Continuous Extreme Value Choice Model (12-3583)
In this paper, we extend the multiple-discrete continuous extreme value (MDCEV) model to accommodate multiple constraints. The formulation uses a flexible and general utility function form, and is applicable to the case of inside goods only or inside and outside goods. The proposed MC-MDCEV model is applied to time-use decisions, where individuals are assumed to maximize their utility from time-use in one or more activities subject to monetary and time availability constraints. The sample for the empirical exercise is generated by combining time-use information from the 2008 American Time Use Survey and expenditure records from the 2008 U.S. Consumer Expenditure Survey. The estimation results show that preferences can get severely mis-estimated when only a time constraint is used and the monetary constraint is ignored. Further, there is a substantial improvement in data fit when both money and time constraints are held active, relative to the case when only a time constraint is maintained.
Castro, Marisol , University of Texas, Austin
Bhat, Chandra R., University of Texas, Austin
Pendyala, Ram M., Arizona State University
Jara-Diaz, Sergio , Universidad de Chile
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