ON THE SUBJECTIVE VALUATION OF TRAVEL TIME SAVINGS

The reassignment of time from one activity to another that is more pleasurable has indeed a value for the individual. This subject has been explored for more than thirty years by researchers from many different perspectives, including those with an interest in either the study of the labor market, the analysis of home activities, or the understanding of travel behavior. In this paper a critical synthesis is presented of the economic interpretation of the subjective value of time. In so doing, the theoretical results from what can be called the continuous approach to time assignment are compared with those obtainable from the discrete choice approach that is frequently used in transport demand studies. For this, it is necessary to expand the usual goods-leisure trade off framework in order to encompass all activities. Most important, the role played by the relations between goods consumption and activity time is also taken into account. Among the main analytical results, the continuous and discrete approaches are shown to yield consistent results, and the relation between goods and leisure (the fact that consumption might be limited by the size of uncommitted time) is shown to have a magnifying effect on the subjective value of time. For the covering abstract see ITRD E105584.

Language

  • English

Media Info

  • Features: References;
  • Pagination: p. 225-36
  • Serial:
    • Volume: P434

Subject/Index Terms

Filing Info

  • Accession Number: 00796499
  • Record Type: Publication
  • Source Agency: Transport Research Laboratory
  • ISBN: 0-86050-325-9
  • Files: ITRD
  • Created Date: Aug 2 2000 12:00AM