THE VALUE OF TIME: SOME IMPLICATIONS FOR URBAN ANALYSIS

This study investigates how the different valuations that individuals put on travel time savings can best be treated in urban and transportation evaluation models. An essential distinction is drawn between two concepts imbedded in the term 'value of time'. One of the assumptions underlying the utility maximising derivation of travel time values is shown to be inapplicable in practice in Great Britain. The effect of differential wage rates on travel time values is explored but is found to be less important than that of differential working hours. This influences residential location patterns in the conurbations. The necessity for a parallel theoretical treatment of time and money is outlined. Some contemporary issues are discussed to illustrate the importance for planning policies of time spent on travel.(a) /TRRL/

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  • Supplemental Notes:
    • Transactions of the the Martin Centre for Architectural and Urban Studies, University of Cambridge.
  • Corporate Authors:

    Woodhead-Faulkner Limited

    7 Rose Crescent
    Cambridge,   England 
  • Authors:
    • Williams, I
  • Publication Date: 1978

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Filing Info

  • Accession Number: 00195539
  • Record Type: Publication
  • Source Agency: Transport Research Laboratory
  • ISBN: 0 85941 100 1
  • Files: ITRD, TRIS
  • Created Date: Aug 15 1981 12:00AM