Estimating Expected Price of Vehicles in a Transportation Microsimulation Modeling System

Abstract

Microsimulation modeling is an emerging approach to activity-based travel forecasting. Household automobile-ownership models are being included in microsimulation travel-demand models more. Implicitly, vehicle price is an important attribute of vehicles in all automobile-ownership models. In order to update prices at each point of time within the simulation, a modeling tool is required to estimate the price of each vehicle at any time. This paper develops a hedonic price model to estimate the expected price of vehicles to be used in a comprehensive urban-transportation modeling system. In this study, the use of a linear hedonic price model was investigated in terms of its application to the market price of automobiles.