The value of travel time savings and the value of leisure in Zurich: Estimation, decomposition and policy implications

The authors use state-of-the art estimation approaches to obtain mode-specific values of travel time savings (VTTS) based on pooled revealed preferences/stated preferences (RP/SP) travel choice data of Zurich workers. Unlike the large majority of time valuation studies, the authors also have data on the respondents’ time-use and expenditure allocation, which enables them to estimate their value of leisure (VoL),i.e. the opportunity value of liberated time when the duration of a committed activity, such as travel, is reduced. The authors use the estimates of the VoL and the VTTS to derive the value of time assigned to travel (VTAT) – the monetary value of the direct (dis-)utility derived from the conditions experienced while traveling. Linking the VTTS and VoL at the individual-level allows for a detailed analysis of VTAT distributions. The authors obtain median VTTS for car and motorbike (MIV) of 30.6 CHF/h, carpooling (CP) of 27.7 CHF/h, carsharing (CS) of 26.7 CHF/h, walk of 26.7 CHF/h, bike of 18.2 CHF/h and public transportation (PT) of 14.8 CHF/h. The median VoL amounts to 25.2 CHF/h. The authors find that MIV, CS and CP perform worst in terms of VTAT (as indicated by values smaller than zero), showing that the perceived travel comfort all in car modes (private, shared and pooled) is substantially lower than for PT and bike, where the VTAT are greater than zero. From a transportation policy perspective, the authors' results suggest that travel comfort matters greatly and investing in the quality of travel should therefore obtain more attention. However, from a PT operator’s point of view, the authors' results indicate that in the case of Zurich, investing in faster connections may exhibit a higher marginal impact on user benefits, since the VoL is relatively high, while travel comfort is perceived as high already.

• Record URL:
  https://doi.org/10.1016/j.tra.2021.06.015
• Record URL:
  http://www.sciencedirect.com/science/article/pii/S0965856421001658
• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/issn/09658564
• Supplemental Notes:
  • © 2021 Published by Elsevier Ltd. Abstract reprinted with permission of Elsevier.
• Authors:
  • Schmid, Basil
  • 0000-0002-3310-9083
  • Molloy, Joseph
  • Peer, Stefanie
  • Jokubauskaite, Simona
  • Aschauer, Florian
  • 0000-0001-6031-7286
  • Hössinger, Reinhard
  • Gerike, Regine
  • 0000-0002-8063-6636
  • Jara-Diaz, Sergio R
  • 0000-0002-0442-5490
  • Axhausen, Kay W
  • 0000-0003-3331-1318
• Publication Date: 2021-8

Language

• English

Media Info

• Media Type: Web
• Features: Appendices; Figures; References; Tables;
• Pagination: pp 186-215
• Serial:
  • Transportation Research Part A: Policy and Practice
  • Volume: 150
  • Issue Number: 0
  • Publisher: Elsevier
  • ISSN: 0965-8564
  • Serial URL: http://www.sciencedirect.com/science/journal/09658564

Subject/Index Terms

• TRT Terms: Comfort; Leisure time; Policy; Revealed preferences; Stated preferences; Travel time; Value of time
• Geographic Terms: Zurich (Switzerland)
• Subject Areas: Passenger Transportation; Planning and Forecasting; Policy;

Filing Info

• Accession Number: 01782127
• Record Type: Publication
• Files: TRIS
• Created Date: Sep 22 2021 11:54AM