The notion of Value of Time (VoT) is a cornerstone of discrete choice based economic appraisal in transportation. Its derivation and interpretation in the context of Random Utility Maximisation (RUM) models with linear-additive utility functions is straightforward and well known. The choice...

We consider the manner in which the well-established path independence conditions apply to Small and Rosen's (1981) problem of discrete-continuous demand, focussing especially upon the restricted case of discrete choice (probabilistic) demand. We note that the consumer surplus measure promoted...

Within the broad area of probabilistic modelling of individual discrete choice, we develop three strands of discussion. First, we outline a theoretical framework for the modelling of individual discrete choice under risk, distinguishing between three specific sources of randomness; in preference...