Basic Form
In a basic form, the generalised cost (g) is composed of the following:
- p refers to the monetary (out-of-pocket) costs of the journey.
- u(w) refers to the non-monetary (time) costs of an uncongested journey. This is a function of w (in the transport economic model, w 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, u(w) can be calculated as the product of the journey time (t) in uncongested conditions and the opportunity cost of the traveller's time (τ), so that .
Read more about this topic: Generalised Cost
Famous quotes containing the words basic and/or form:
“Justice begins with the recognition of the necessity of sharing. The oldest law is that which regulates it, and this is still the most important law today and, as such, has remained the basic concern of all movements which have at heart the community of human activities and of human existence in general.”
—Elias Canetti (b. 1905)
“But labor of the hands, even when pursued to the verge of drudgery, is perhaps never the worst form of idleness. It has a constant and imperishable moral, and to the scholar it yields a classic result.”
—Henry David Thoreau (1817–1862)
Related Phrases
Related Words