(f) Demand Elasticity with Respect to Generalized Travel Costs. The generalized cost of transportation can include the costs associated with travel time, safety, vehicle ownership and operation, fuel taxes, tolls, transit fares, and parking, among others (VTPI, 2006). NHI (1995) provides an elasticity of demand of -0.5 with respect to the generalized cost. Booz Allen Hamilton (2003) estimated the elasticity of demand with respect to the generalized cost of travel in the Canberra, Australia region by time of day: -0.87 for peak, -1.18 for off-peak, and 1.02 overall (peak and off-peak combined). In the United Kingdom, TRL (2004) estimated generalized cost elasticities as follows: 0.4 to -1.7 for urban bus transit,