THE VALUE OF TIME FOR PASSENGER CARS: A THEORETICAL ANALYSIS AND DESCRIPTION OF PRELIMINARY EXPERIMENTS

ONE OF THE MOST IMPORTANT BENEFITS OF HIGHWAY IMPROVEMENTS IS THE REDUCTION IN TRAVEL TIME. CONVERTING THESE TIME SAVINGS FROM HOURS TO DOLLARS IS CRITICALLY IMPORTANT IN THE ANALYSIS OF ALTERNATIVE HIGHWAY LOCATIONS AND DESIGNS. THIS IS THE FINAL REPORT OF A PROJECT WHICH TOOK FIVE AND ONE- HALF YEARS TO COMPLETE. THE OBJECTIVES OF THE OVERALL RESEARCH PROGRAM WERE TO (1) CONDUCT A THOROUGH REVIEW OF THE HISTORY OF RESEARCH ON THE VALUE OF TIME, (2) EXPLORE THE THEORETICAL PROBLEMS ENCOUNTERED IN ESTIMATING VALUES OF TIME FOR USE IN HIGHWAY ECONOMY STUDIES, (3) DEVELOP MATHEMATICAL MODELS THAT CAN BE USED TO DERIVE VALUE-OF-TIME ESTIMATES FOR SPECIFIC SITUATIONS, AND (4) CONDUCT EXPERIMENTAL ANALYSIS LEADING TO ESTIMATES OF THE VALUE OF TIME. THE WORK TOWARD THE FIRST THREE OBJECTIVES IS REPORTED IN THIS VOLUME, TOGETHER WITH THE RESULTS OF EXPLORATORY EMPIRICAL INVESTIGATIONS. THE MAIN EMPIRICAL RESULTS ARE GIVEN IN VOLUME II OF THE REPORT. A MODEL TO PREDICT ROUTE CHOICE, CALLED THE STEP MODEL, IS PROPOSED AND TESTED. THE FORMULATION OF THIS MODEL PRESUMES THAT THE DRIVER HAS AN ORDERING OF VARIABLES THAT ARE GERMANE TO HIS DECISION. RATHER THAN ATTEMPTING TO OPTIMIZE SOME OBJECTIVE FUNCTION THAT SIMULTANEOUSLY CONSIDERS ALL VARIABLES, HE SEEKS SATISFACTORY LEVELS FOR ONE VARIABLE AT A TIME. THIS MODEL IS FOUND TO PREDICT SOMEWHAT BETTER THAN ANY ALTERNATE MODELS INVESTIGATED. /BPR/

  • Supplemental Notes:
    • Final ReporT, VOL 1
  • Corporate Authors:

    Stanford Research Institute

    333 Ravenswood Avenue
    Menlo Park, CA  United States  94025
  • Authors:
    • Haney, D C
  • Publication Date: 1967-5

Subject/Index Terms

Filing Info

  • Accession Number: 00201559
  • Record Type: Publication
  • Source Agency: Traffic Systems Reviews & Abstracts
  • Files: TRIS
  • Created Date: Sep 16 1994 12:00AM