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THE VALUE OF TRAVEL TIME CHANGES IN A RANDOM NON-LINEAR UTILITY MODEL

Standard practice in econometric estimation of the value of travel time-changes divides travellers in market segments and assumes linear utility functions in each category. Here instead a RUM-model is derived from a second order approximation to the utility function. The model is estimated by probit on data from a recent SP value of travel time study. The influence of socio-economic variables, trip duration, etc. on the value of travel time changes is estimated, and tested, in more efficient use of the data than possible with the standard approach. The conclusions differ in several ways from those of a previous study evaluating the same data set with the conventional method. It is found a considerably lower value of travel time savings and signs of a perceptual threshold; respondents decline travel time savings smaller than 10-15 minutes irrespective of the bid price. The non-linear approach also provides a convenient means for benefits transfer, i.e. to calculate the mean value of time savings for a specific road project depending on how it will be used and by whom. (A)

  • Availability:
  • Corporate Authors:

    CENTRUM FOER TRANSPORT- OCH SAMHAELLSFORSKNING, HOEGSKOLAN DALARNA

    BORLAENGE,   Sweden  SE-781 88
  • Authors:
    • HULTKRANTZ, L
    • Mortazavi, R
  • Publication Date: 1997

Language

  • English

Media Info

  • Features: References;
  • Pagination: 18p+a p.
  • Serial:
    • CTS WORKING PAPER
    • Issue Number: 1997:16
    • Publisher: HOEGSKOLAN I DALARNA, CENTRUM FOER TRANSPORT- OCH SAMHAELLSFORSKNING
    • ISSN: 1401-2421

Subject/Index Terms

Filing Info

  • Accession Number: 00779044
  • Record Type: Publication
  • Source Agency: Swedish National Road and Transport Research Institute (VTI)
  • Files: ITRD
  • Created Date: Dec 7 1999 12:00AM