Answers are grounded in this paper and cite their sources.
Mr McGillivray’s model analyzes travel choices, revealing time impacts travel decisions more than cost.
Mr McGillivray’s model is binary choice in the two-mode case. He analyses studies by other authors and compares his own results on San Francisco data, and finds broad agreement. The effect of changing travel cost is never stronger than that of changing travel time. A mathematical appendix gives the detailed workings.
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R.G. McGillivray (1970) studied this question.
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