Abstract
In general, travel time and travel fares are different by travel means. With the travel time transformed into money terms by time value of travelers, which can be estimated by data of modal choices, the generalized travel cost is defined as the sum of travel fares and the money term travel time. It enables one to compare different travel modes in terms of money. While many efforts have been made to measure the generalized travel costs and the time value, they are all for the purpose of transportation planning for a wide area such as the metropolitan area. As a result, they rarely have measured the time value for travelers other than commuters. In particular, few research has been done to measure the time value for shoppers who shop around a relatively small area such as the city center retail district. In part, this is because there are no such data as the consumer shop-around OD (origin-destination) flows that include their modal choices at city center retail district. The purpose of this paper is to measure the time value of shop**. Based on the actual data obtained from surveys of consumer shop-around behaviors at the city center retail district of Fukuoka City, we have measured the time value of shop** and analyzed how the time value differs by attributes of shoppers and types of shop-around behaviors. We also provide the application in which the estimated time value of shop** is utilized to forecast modal choices when the 100-yen (one-dollar) circuit bus is introduced at the city center retail district.
This chapter is based on the paper, Saburo Saito, Kosuke Yamashiro, Masakuni Kakoi, and Takaaki Nakashima [22], “Measuring time value of shoppers at city center retail environment and its application to forecast modal choice,” Studies in Regional Science, vol. 33, pp. 269–286, 2003 (in Japanese), which is modified for this chapter.
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Notes
- 1.
Saito and Yamashiro [14] first utilized the modal choice data of the city center 100-yen bus by the visitors at the city center of Fukuoka City to estimate economic effects of the city center 100-yen bus. Also see Chap. 9 of this book.
- 2.
The result of measuring time value when the samples moved from Ten** to Hakata Riverain are included is 1920.3 yen per hour, which is about 1000 yen higher than when those samples are excluded. This is because there is a large range of required times for buses due to traffic jams in this section, and it is possible for visitors to get off at a bus, stop and walk, or use the subway for a short distance. We leave this problem as a topic for future research.
- 3.
We adopt the definition of the national census in which the Fukuoka metropolitan area is define as the area of Kitakyushu and Fukuoka City. More than 1.5% of the resident population commutes to Fukuoka City from these municipalities.
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Saito, S., Yamashiro, K. (2018). Time Value of Shop**. In: Saito, S., Yamashiro, K. (eds) Advances in Kaiyu Studies. New Frontiers in Regional Science: Asian Perspectives, vol 19. Springer, Singapore. https://doi.org/10.1007/978-981-13-1739-2_10
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