Value of travel time: A theoretical legitimization of some nonlinear representative utility in discrete choice models

This paper tackles the valuation function of travel time savings. Formally, this valuation function is derived from a nonlinear representative utility which successfully relates DeSerpa's time allocation model to modal choice within the random utility theory framework. We demonstrate the existence of a theoretical relationship between on the one hand, the value of travel time savings, and on the other one, price, time and income levels. This result is undoubtedly more flexible than the particular case of a single time value which is commonly adopted in practice but requires restrictive assumption of marginal utilities constancy.