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
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