The Prerequisite to Investment in High-Speed Railway in the View of Market Demand

The author uses utility theory and multiple object decision making approach to analyze the choice behavior of the individual, then establishes a model to research the passenger traffic market shares of three travel modes, in which the travel distance and the value of time (VOT) are included as variables. After analyzing the applicability of high-speed railways to passenger traffic market demand, the author puts forward a recommended prerequisite to investment in high-speed railway, expressed in social average VOT.