The value of travel time variance

This paper considers the value of travel time variability under scheduling preferences that are defined in terms of linearly time varying utility rates associated with being at the origin and at the destination. The main result is a simple expression for the value of travel time variability that does not depend on the shape of the travel time distribution. The related measure of travel time variability is the variance of travel time. These conclusions apply equally to travellers who can freely choose departure time and to travellers who use a scheduled service with fixed headway. Depending on parameters, travellers may be risk averse or risk seeking and the value of travel time may increase or decrease in the mean travel time.

• Record URL:
  http://www.sciencedirect.com/science/article/B6V99-50GC5SK-1/2/37cd18338432396c7fe66d89cec0098e
• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/issn/01912615
• Supplemental Notes:
  • Abstract reprinted with permission from Elsevier.
• Authors:
  • Fosgerau, Mogens
  • Engelson, Leonid
• Publication Date: 2011-1

Language

• English

Media Info

• Media Type: Print
• Features: Bibliography; Figures; Tables;
• Pagination: pp 1-8
• Serial:
  • Transportation Research Part B: Methodological
  • Volume: 45
  • Issue Number: 1
  • Publisher: Elsevier
  • ISSN: 0191-2615
  • Serial URL: http://www.sciencedirect.com/science/journal/01912615

Subject/Index Terms

• TRT Terms: Origin and destination; Risk analysis; Risk taking; Schedules and scheduling; Travelers; Value of time
• Uncontrolled Terms: Travel time variability
• Subject Areas: Highways; Operations and Traffic Management; Public Transportation;

Filing Info

• Accession Number: 01323886
• Record Type: Publication
• Files: TRIS, ATRI
• Created Date: Dec 28 2010 1:30PM