USE OF MARGINAL COST OF TIME IN HIGHWAY ECONOMY STUDIES

THE PRELIMINARY RESULTS OF A RECENT FIELD STUDY ON THE COST OF PASSENGER CAR TIME SAVINGS ARE REPORTED. THE MAJOR OBJECTIVE OF THE PRESENT STUDY WAS TO DETERMINE AN APPROPRIATE HOURS-TO-DOLLARS CONVERSION FACTOR FOR ANALYSES AND EVALUATIONS OF ALTERNATIVE HIGHWAY LOCATIONS AND DESIGNS. TRAFFIC PROJECTIONS, ECONOMY STUDIES, AND PLANNING REPORTS FOR CURRENT AND FUTURE CONSTRUCTION PROJECTS WERE EXAMINED IN SEVERAL STATES, AND COSTS OF ROAD USERS TIME SAVINGS WERE COMPUTED ON TWO ALTERNATE BASES' /A/ USING A STATES OWN COST FACTORS AND ASSUMPTIONS /SUCH AS INTEREST RATES AND LENGTH OF STUDY PERIOD/, AND /B/ USING A STANDARD SET OF COST FACTORS AND ASSUMPTIONS, FOR COMPARABILITY OF THE RESULTS BETWEEN STATES. RATES OF RETURN AND BENEFIT/COST RATIOS WERE ALSO DERIVED IN MANY CASES, FOR COMPARISON WITH THE COST OF TIME. THE RESULTS WERE CONSIDERED FROM THE STANDPOINT OF IMPROVING THE DATA AVAILABLE TO STATE HIGHWAY DEPARTMENTS FOR DECISIONS ABOUT CONSTRUCTION PROJECT ALTERNATIVES AND PRIORITIES. A SET OF PROCEDURES IS ALSO INCLUDED FOR USE BY STATE HIGHWAY DEPARTMENTS DESIRING TO EXPERIMENT FURTHER WITH USE OF THE COST OF TIME AS AN ADDED INDEX OF PROJECT DESIRABILITY. A GENERALIZED PROCEDURAL CHECKLIST FOR HIGHWAY ECONOMY STUDIES ALSO IS INCLUDED, AS A RESULT OF OBSERVATIONS OF CERTAIN ERRORS AND SHORTCUTS IN CURRENT STATE ECONOMY STUDIES THAT COULD SIGNIFICANTLY AFFECT THEIR RESULTS. REFERENCES. USE OF TWO CONCEPTS OF THE VALUE OF TIME, DAN G. HANEY, HIGHWAY RESEARCH RECORD, NO. 12, 1963.

Media Info

  • Media Type: Print
  • Features: Figures; References; Tables;
  • Pagination: pp 48-120
  • Monograph Title: Engineering economy 1963
  • Serial:

Subject/Index Terms

Filing Info

  • Accession Number: 00201117
  • Record Type: Publication
  • Files: TRIS, TRB
  • Created Date: Dec 12 2003 12:00AM