AVOIDING SPECIFICATION ERRORS IN ESTIMATING THE VALUE OF TIME

Sources of specification as well as measurement error in previous estimates of the value of time are examined in this paper, and a new set of estimates avoiding these errors is presented. The sources of specification error being analyzed are: failure to take account of drivers' uncertainty in making their choices between alternatives routes or modes, which was found empirically to bias the value of time estimate 50 percent or more; the differential in comfort and similar intangible characteristics between two modes; and the inability to account for cross-time substitutions by travelers in peak-hour conditions. Ways of avoiding these sources of error are suggested and implemented. The choice between "reported" and "measured" data is reexamined, with an emphasis on random rather than systematic perception errors by travelers. Some resulting estimates are: $1.91 per hour per adult for off-peak work trips, $2.08 for off-peak social-recreational trips, and $5.17 for peak-hour work trips. /Author/

• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/issn/00494488
• Corporate Authors:

  Elsevier

  Radarweg 29
  Amsterdam,   Netherlands  1043 NX
• Authors:
  • Guttman, J
• Publication Date: 1975-3

Language

• English

Media Info

• Features: Figures; References; Tables;
• Pagination: p. 19-42
• Serial:
  • Transportation (Netherlands)
  • Volume: 4
  • Issue Number: 1
  • Publisher: Martinus Nijhoff Publishers
  • ISSN: 0049-4488

Subject/Index Terms

• TRT Terms: Benefit cost analysis; Comfort; Errors; Fault location; Mode choice; Present value; Specifications; Travel time
• Uncontrolled Terms: Value
• Old TRIS Terms: Modal selection
• ITRD Terms: 9003: Cause; 9138: Comfort; 2248: Decision process; 1772: Driver; 6440: Error; 9020: Evaluation (assessment); 697: Journey time; 621: Journey to work; 675: Modal split; 1054: Network (traffic); 612: Peak hour; 143: Planning; 5414: Time; 9143: Tourism
• Subject Areas: Administration and Management; Highways;

Filing Info

• Accession Number: 00097884
• Record Type: Publication
• Source Agency: Transport and Road Research Laboratory (TRRL)
• Files: ITRD, TRIS
• Created Date: Aug 27 1975 12:00AM