Microeconomic perspectives on travel behavior and valuation research

Abstract

Microeconomic framework has become a very rich and useful approach to understanding and modelling of travel behavior. This paper covers the topic in the following manner: 1) the basic notion of microscopic perspective is defined; 2) the main concepts that have attracted researchers to this framework in the travel behavior and valuation arenas are addressed, with a focus on the evaluation of the field and achievements to date; and, 3) the issues and specific questions related to the challenges that lie ahead are proposed and discussed.