A MONEY VALUE OF TRAVEL TIME SAVINGS-FACT OR FICTION?

With the increasing use of cost-benefit analyses to estimate the relative values of different transport proposals - either public transport or roads improvement schemes numerous efforts have been made to estimate a money value of the benefit of the reductions in travel times likely to be obtained through the implementation of alternative schemes. Several philosophies of how reductions in travel time derive their money values have been advanced as the basis of these estimations. Typical of these methods are those described by M.E. Beesley, H. Mohring, I.N. Moses and H.F. Williamson, T. C. Thomas and G.I. Thompson, and the Melbourne Metropolitan Transportation Committee (MTC). However, the widely differing estimates of money values of time savings (from 9 to 155 per cent of average income) raise the question that these travel time savings (though at first sight one of the main benefits of a transport improvement scheme) may have actually been used instead of other benefits such as increased travel comfort and convenience, or extended travel horizon, which are rather more difficult to measure and quantify. The estimated money values are best described as a price which people are prepared to pay for improved transport, and which will vary with time and with the amounts people are prepared to pay for these benefits. Urban transport improvements which benefit the whole community are most likely to be achieved through increasing the operating efficiency of commercial vehicles and public transport services. (a). For the covering abstract of parts 2 and 3 of the conference, see IRRD abstract no. 218019. /TRRL/

Language

  • English

Media Info

  • Features: Figures; References; Tables;
  • Pagination: p. 34-60
  • Serial:
    • Volume: 7
    • Issue Number: 2

Subject/Index Terms

Filing Info

  • Accession Number: 00134513
  • Record Type: Publication
  • Source Agency: Transport and Road Research Laboratory (TRRL)
  • ISBN: 0 909996 695
  • Files: ITRD, TRIS
  • Created Date: Sep 16 1981 12:00AM