Estimating Expected Price of Vehicles in a Transportation Microsimulation Modeling System
- 1 November 2002
- journal article
- Published by American Society of Civil Engineers (ASCE) in Journal of Transportation Engineering
- Vol. 128 (6) , 537-541
- https://doi.org/10.1061/(asce)0733-947x(2002)128:6(537)
Abstract
Microsimulation modeling is an emerging approach to activity-based travel forecasting. Household automobile-ownership models are being included in microsimulation travel-demand models more. Implicitly, vehicle price is an important attribute of vehicles in all automobile-ownership models. In order to update prices at each point of time within the simulation, a modeling tool is required to estimate the price of each vehicle at any time. This paper develops a hedonic price model to estimate the expected price of vehicles to be used in a comprehensive urban-transportation modeling system. In this study, the use of a linear hedonic price model was investigated in terms of its application to the market price of automobiles.Keywords
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