The new LUTI model approach for high-speed rail spatial appraisal: reconciling general equilibrium and agent-based microsimulation
Abstract Transport and land use models play an important role in infrastructure investment decisions in Australia and New Zealand. The current conventional project evaluations rely on partial equilibrium (PE) models that ignore cross-market spillovers and geographic sorting, land-use transport interaction (LUTI) models lack strict welfare-theoretic foundations and risk double-counting benefits. Concurrently, state-of-the-art Quantitative Spatial Models …