Determine the share (proportion) of person trips by each of two modes (Private auto and mass transit) using the multinomial logit model and given and following information Determine the share (proportion) of person-trips by each of two modes (private autoand mass transit) using the multinomial logit model and given the following informa-tion:Utility function: U, = A, – 0.05 T, – 0.04 T, – 0.03 T, – 0.014 CParameterPrivate AutoMass TransitT, = access time (min.)T, = waiting time (min.)T, = riding time (min.)C= out-of-pocket cost (cents)Calibration constant, A1420255070250100-0.012-0.068Answer:PAuto I Select)PTransit=[ Select )>

Utility Function: The utility function is a mathematical representation to measure an individual’s…

Answered: Determine the share (proportion) of…

Determine the share (proportion) of person trips by each of two modes (Private auto and mass transit) using the multinomial logit model and given and following information

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

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Chapter1: Making Economics Decisions

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Question

Determine the share (proportion) of person trips by each of two modes (Private auto and mass transit) using the multinomial logit model and given and following information

Determine the share (proportion) of person-trips by each of two modes (private auto
and mass transit) using the multinomial logit model and given the following informa-
tion:
Utility function: U, = A, – 0.05 T, – 0.04 T, – 0.03 T, – 0.014 C
Parameter
Private Auto
Mass Transit
T, = access time (min.)
T, = waiting time (min.)
T, = riding time (min.)
C= out-of-pocket cost (cents)
Calibration constant, A
14
20
25
50
70
250
100
-0.012
-0.068
Answer:
PAuto I Select)
PTransit=
[ Select )
>

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Step 1: Define utility function

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Step 2: Determine the utility for each of the two modes

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Step 3: Use the utility to calculate the proportion of people each trips by each of the two modes

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