THE VALUE OF TRAVEL TIME SAVINGS: A REPORT OF RESEARCH UNDERTAKEN FOR THE DEPARTMENT OF TRANSPORT

Current methods estimating the valuation of travel time savings used to assess the appraisal of highway and public transport are reviewed, and a new method is formulated. A table of recommended values of time stratified by mode of income with appropriate modifiers for other effects is given. The authors extend the neoclassical model of consumer theory to include the time dimension and link this theoretical basis to that of discrete choice models, which provide a basis for the empirical measurement of the value of time. A market segmentation approach is also proposed in conjunction with this to allow for variations in value of time to be related to characteristics of the traveller and the circumstance of travelling. Data for the modelling process are obtained from information from behavioural research into travel patterns. Most combinations of purpose, mode and context have been covered, with the exception of travel on employers business. As well as deriving values of time from revealed reference data, considerable reliance is placed upon stated preference data. The report finds that for non-working time, the values which emerge are significantly higher than those implied by current practice. (TRRL)

• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/isbn/0946967156
• Corporate Authors:

  University of Leeds

  Institute for Transport Studies
  Leeds, West Yorkshire  United Kingdom  LS2 9JT
• Publication Date: 1987

Media Info

• Features: References;
• Pagination: 221 p.

Subject/Index Terms

• TRT Terms: Appraisals; Consumer behavior; Consumer preferences; Evaluation; Mathematical models; Present value; Savings; Travel behavior; Travel modes; Travel time; Trip purpose
• Uncontrolled Terms: Nonwork trips; Value
• Old TRIS Terms: Appraising; Travel modes
• ITRD Terms: 9001: Behaviour; 1272: Bus; 1243: Car; 224: Cost; 9020: Evaluation (assessment); 256: Income; 698: Journey; 696: Journey purpose; 697: Journey time; 6473: Mathematical model; 2752: Motorway; 143: Planning; 746: Private transport; 744: Public transport; 1173: Rail bound transport; 2253: Sociology; 676: Traffic survey; 1145: Transport mode; 8119: United Kingdom; 313: Urban area
• Subject Areas: Finance; Highways; Operations and Traffic Management; Planning and Forecasting; Public Transportation;

Filing Info

• Accession Number: 00470168
• Record Type: Publication
• Source Agency: Transport Research Laboratory
• ISBN: 0-946967-15-6
• Files: ITRD, TRIS, ATRI
• Created Date: Jul 31 1988 12:00AM