THE VALUE OF TRAVEL TIME - OUTSTANDING PROBLEMS IN EVALUATION

This paper attempts an assessment of the status of the valuation of travel time savings in the UK following the proceedings of the Value of Time (VOT) Conference in Autumn 1996. The present time is significant, because it is on the cusp between important researches reported at the conference and its conversion into policy recommendations by the Department of Transport (DoT). Some comments are made on this process. Clearly, difficult policy decisions must be made on several issues. In practice, the treatment of working time savings is the most important single policy issue. Because they are assigned high unit values, such savings account for about half the total time saving benefits for the typical UK road scheme. Several arguments relating to this issue are discussed, and the author concludes that there is not a strong case for change in the traditional approach to evaluating travel time savings during work. In the area of non-working time savings, new studies seem to give some very useful results, which support the conclusion that there is probably no justification for assigning different VOTs to commuting and other non-work purposes. Consideration is given to one of the most worrying aspects of cost-benefit analyses for roads, the treatment of small time savings. Two final thoughts are presented. For the covering abstract, see IRRD E100587.

Language

  • English

Media Info

  • Features: References;
  • Pagination: 8 p.

Subject/Index Terms

Filing Info

  • Accession Number: 00764335
  • Record Type: Publication
  • Source Agency: Transport Research Laboratory
  • Files: ITRD
  • Created Date: May 28 1999 12:00AM