Accessibility: an evaluation using consumer welfare.

This study explores the worth consumers place on mode-destination accessibility for the AM journey to work trip. To accomplish this, a multinomial mode-destination choice model is estimated and the denominator of the specified logit model is used as an estimate of mode-destination accessibility. To improve the interpretability of this measure, compensating variation is then applied to convert the mode-destination accessibility to units of dollars per AM journey to work trip. The model is estimated using travel survey data from the Puget Sound Region in Washington state. It is reasonable to assume, for example, that the worth placed on mode-destination accessibility varies by mode, by destination, and by market segment (e.g., low income, high income). Less intuitive, however, are the magnitude and direction of these variations. This paper presents a methodological approach, followed by an empirical evaluation, for examining the worth of journey to work mode- destination accessibility. The results have important policy implications and also provide a mechanism for incorporating a monetary value for accessibility in future cost-benefit analyses. [ABSTRACT FROM AUTHOR]