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An international meta-analysis of values of travel time savings

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  • Shires, J.D.
  • de Jong, G.C.
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    Abstract

    Values of travel time savings are often used in cost-benefit analysis of transport projects and policies, and also to compute generalised travel costs. There has been considerable debate as to whether different research methods (e.g. stated versus revealed preference) will lead to different values of travel time savings, and which segmentations (e.g. by income or mode) are most important to capture the heterogeneity in these values. In addition there are many countries where no specific valuation studies have been done. In this paper new equations are estimated on the outcomes of value of travel time savings studies from various countries. In the data set, several countries appear more than once, which is taken into account by estimating random effects panel models. The meta-analysis sheds some new light on the variation of the value of travel time savings by income, country, travel purpose, mode, distance and by survey method. Furthermore, the resulting meta-models are applied to produce new values of travel time savings for business travel, commuting and for other purposes in passenger transport, for 25 European Union Member states. Similar methods could be used to statistically analyse studies carried out on other non-monetary effects, both for transport and non-transport projects, and for inclusion in cost-benefit analysis.

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    File URL: http://www.sciencedirect.com/science/article/B6V7V-4WM752G-1/2/877276fb64b1c88125f1cd40ac548ee1
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    Bibliographic Info

    Article provided by Elsevier in its journal Evaluation and Program Planning.

    Volume (Year): 32 (2009)
    Issue (Month): 4 (November)
    Pages: 315-325

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    Handle: RePEc:eee:epplan:v:32:y:2009:i:4:p:315-325

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    Web page: http://www.elsevier.com/locate/evalprogplan

    Related research

    Keywords: Values of travel time savings Meta-analysis European Union Business travel Commuting;

    References

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    1. Luca Zamparini & Aura Reggiani, 2007. "Meta-Analysis and the Value of Travel Time Savings: A Transatlantic Perspective in Passenger Transport," Networks and Spatial Economics, Springer, vol. 7(4), pages 377-396, December.
    2. Mogens Fosgerau, 2004. "Investigating the distribution of the value of travel time savings," Urban/Regional 0410005, EconWPA, revised 25 Nov 2004.
    3. de Jong, Gerard & Gunn, Hugh & Ben-Akiva, Moshe, 2004. "A meta-model for passenger and freight transport in Europe," Transport Policy, Elsevier, vol. 11(4), pages 329-344, October.
    4. Hans Kremers & Peter Nijkamp & Piet Rietveld, 2000. "A Meta-Analysis of Price Elasticities of Transport Demand in a General Equilibrium Framework," Tinbergen Institute Discussion Papers 00-060/3, Tinbergen Institute.
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    Cited by:
    1. Veisten, Knut & Stefan, Christian & Winkelbauer, Martin, 2013. "Standing in cost-benefit analysis of road safety measures: A case of speed enforcement vs. speed change," Transport Policy, Elsevier, vol. 30(C), pages 269-274.
    2. Mark Wardman, 2012. "Review and meta-analysis of U.K. time elasticities of travel demand," Transportation, Springer, vol. 39(3), pages 465-490, May.
    3. Koopmans, Carl & Groot, Wim & Warffemius, Pim & Annema, Jan Anne & Hoogendoorn-Lanser, Sascha, 2013. "Measuring generalised transport costs as an indicator of accessibility changes over time," Transport Policy, Elsevier, vol. 29(C), pages 154-159.
    4. Carlos Carrion & David Levinson, 2010. "Value of Travel Time Reliability: A review of current evidence," Working Papers 000085, University of Minnesota: Nexus Research Group.
    5. Börjesson, Maria & Fosgerau, Mogens & Algers, Staffan, 2012. "On the income elasticity of the value of travel time," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(2), pages 368-377.
    6. Abrantes, Pedro A.L. & Wardman, Mark R., 2011. "Meta-analysis of UK values of travel time: An update," Transportation Research Part A: Policy and Practice, Elsevier, vol. 45(1), pages 1-17, January.

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