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:
“When you realize how hard it is to know the truth about yourself, you understand that even the most exhaustive and well-meaning autobiography, determined to tell the truth, represents, at best, a guess. There have been times in my life when I felt incredibly happy. Life was full. I seemed productive. Then I thought,”Am I really happy or am I merely masking a deep depression with frantic activity?” If I don’t know such basic things about myself, who does?”
—Phyllis Rose (b. 1942)
“Let the same mind be in you that was in Christ Jesus, who, though he was in the form of God, did not regard equality with God as something to be exploited, but emptied himself, taking the form of a slave, being born in human likeness. And being found in human form, he humbled himself and became obedient to the point of death M even death on a cross.”
—Bible: New Testament, Philippians 2:5-8.