Valuation of Leisure Time on Non-work Days Estimated with the Discrete-continuous Analysis : Empirical Case Study of Tokyo

The value of time (VOT) is one of the most important values in transportation planning. Although the trip-based models are widely used for estimating the VOT, the trip-based travel model can evaluate the VOT for travelers only. This paper formulates the individual’s choice of whether to travel or not with an activity-based modeling approach. I develop a discrete choice model and a discrete-continuous model in the context of individual time and expenditure allocation to two types of activities, an out-of-home leisure and an in-home leisure. I estimate the values of leisure time by applying the models to the data set collected in the cities of Tokyo, Japan. The results show that the discrete-continuous model outputs more reasonable estimation of values of leisure time than the discrete choice model. They also indicate that the value of out-of-home leisure time is higher than the value of in-home leisure time.