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Activity and travel models share a common framework that calls for their joint estimation. This complex problem only recently has received attention in the literature. Explicit equations for travel choice and activity duration have been obtained, allowing disentangling the various components of the subjective value of time (travel time savings, resource value and value of assigning time to travel). Although it is natural to expect some interrelation between equations, only preliminary results assuming independence had been reported. We adapt a discrete/continuous econometric model and postulate a general error structure. We obtain more robust models, and value of time estimates significantly different and more credible. jel Classification: C51, J22, R41.