Discrete/continuous econometric models and their application to transport analysis

Abstract

A wide range of transport‐related decisions involve the linking of discrete choices (e.g. of vehicle choice) and continuous choices (e.g. of vehicle use). In recent years econometricians have developed procedures for integrating such choices into a framework that is both economically and statistically sound. The literature is however somewhat technical. The objective of this paper is to provide a general overview of the basic elements of discrete/continuous econometric modelling with an emphasis on transport applications. It is hoped that such an introduction will demonstrate that the essence of the approach for the practitioner is quite straightforward and can be implemented with widely available computer software.

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