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Meta-analysis of UK values of travel time: An update

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  • Abrantes, Pedro A.L.
  • Wardman, Mark R.
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    Abstract

    Numerous travel demand studies have been carried out over the past five decades, many of which produce estimates of the value of travel time. This includes a rich body of largely unpublished evidence, which can provide valuable insights into the impact of variables such as GDP, travel distance, purpose and mode on this critical parameter for transport modelling and appraisal. The work reported in this paper updates and extends our previous meta-analyses of UK values of time ([Wardman, 1998], [Wardman, 2001a] and [Wardman, 2004]) by adding recent studies and widening the range of explanatory variables included. Our current research covers 226 studies carried out between 1960 and 2008, yielding a total of 1749 valuations (a 50% increase relative to our previous work) and making this the largest data set of its kind to the best of our knowledge. This is also the most comprehensive study to date of parameters other than in-vehicle time and includes valuations of walk, wait, headway, congested, free flow, late, departure time shift and search time. Exploratory analysis of the data set provides interesting insights into methodological trends in travel demand modelling. For each valuation, over thirty quantitative and categorical variables were recorded and then included in a multivariate regression model to explain variations in the value of time. A large number of statistically significant effects were obtained from this meta-analysis, some of which are in marked contrast with, or not present in, our previous work. One finding that stands out is that the estimated elasticity of the value of time with respect to GDP per capita is 0.9 and highly significant, a much closer correspondence to the widely used convention of a unit income elasticity over time than we have previously obtained. The ratio between walk and wait time and in-vehicle time was found to be substantially lower than the commonly used value of two. We also found large and significant differences between the results from studies based on different types of Stated Preference survey presentation. Other important effects include variations by mode used, mode valued, travel purpose, attribute type and distance. It is envisaged that the results are of direct relevance in the British context, as inputs to appraisal or for benchmarking, whilst the methodological implications are of broader interest and the results, in terms of time equivalents and variations in values of time, can be transferred to other contexts.

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    Bibliographic Info

    Article provided by Elsevier in its journal Transportation Research Part A: Policy and Practice.

    Volume (Year): 45 (2011)
    Issue (Month): 1 (January)
    Pages: 1-17

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    Handle: RePEc:eee:transa:v:45:y:2011:i:1:p:1-17

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    Related research

    Keywords: Value of travel time Appraisal Demand modelling Meta-analysis;

    References

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    1. Brownstone, David & Small, Kenneth A., 2003. "Valuing Time and Reliability: Assessing the Evidence from Road Pricing Demonstrations," University of California Transportation Center, Working Papers qt95z0p35k, University of California Transportation Center.
    2. David A. Hensher, 2006. "How do respondents process stated choice experiments? Attribute consideration under varying information load," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(6), pages 861-878.
    3. Hensher, David A., 2008. "Assessing systematic sources of variation in public transport elasticities: Some comparative warnings," Transportation Research Part A: Policy and Practice, Elsevier, vol. 42(7), pages 1031-1042, August.
    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.
    5. Wardman, Mark, 2004. "Public transport values of time," Transport Policy, Elsevier, vol. 11(4), pages 363-377, October.
    6. Axhausen, Kay W. & Hess, Stephane & König, Arnd & Abay, Georg & Bates, John J. & Bierlaire, Michel, 2008. "Income and distance elasticities of values of travel time savings: New Swiss results," Transport Policy, Elsevier, vol. 15(3), pages 173-185, May.
    7. Shires, J.D. & de Jong, G.C., 2009. "An international meta-analysis of values of travel time savings," Evaluation and Program Planning, Elsevier, vol. 32(4), pages 315-325, November.
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    Cited by:
    1. Carlos Carrion & David Levinson, 2010. "Value of Travel Time Reliability: A review of current evidence," Working Papers 000085, University of Minnesota: Nexus Research Group.
    2. Börjesson, Maria & Eliasson, Jonas, 2011. "On the use of "average delay" as a measure of train reliability," Transportation Research Part A: Policy and Practice, Elsevier, vol. 45(3), pages 171-184, March.
    3. Börjesson, Maria & Eliasson, Jonas, 2011. "The value of time and external benefits in bicycle appraisal," Working papers in Transport Economics 2011:22, CTS - Centre for Transport Studies Stockholm (KTH and VTI).
    4. Börjesson, Maria & Fosgerau, Mogens & Algers, Staffan, 2012. "Catching the tail: Empirical identification of the distribution of the value of travel time," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(2), pages 378-391.
    5. Ho, Chinh Q. & Mulley, Corinne, 2013. "Multiple purposes at single destination: A key to a better understanding of the relationship between tour complexity and mode choice," Transportation Research Part A: Policy and Practice, Elsevier, vol. 49(C), pages 206-219.
    6. Jenelius, Erik, 2012. "The value of travel time variability with trip chains, flexible scheduling and correlated travel times," Transportation Research Part B: Methodological, Elsevier, vol. 46(6), pages 762-780.
    7. Jenelius, Erik & Mattsson, Lars-Göran & Levinson, David, 2011. "Traveler delay costs and value of time with trip chains, flexible activity scheduling and information," Transportation Research Part B: Methodological, Elsevier, vol. 45(5), pages 789-807, June.
    8. Dimitropoulos, Alexandros & Rietveld, Piet & van Ommeren, Jos N., 2013. "Consumer valuation of changes in driving range: A meta-analysis," Transportation Research Part A: Policy and Practice, Elsevier, vol. 55(C), pages 27-45.
    9. 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.
    10. Alexandros Dimitropoulos & Piet Rietveld & Jos N. van Ommeren, 2011. "Consumer Valuation of Driving Range: A Meta-Analysis," Tinbergen Institute Discussion Papers 11-133/3, Tinbergen Institute.
    11. Arentze, Theo A. & Molin, Eric J.E., 2013. "Travelers’ preferences in multimodal networks: Design and results of a comprehensive series of choice experiments," Transportation Research Part A: Policy and Practice, Elsevier, vol. 58(C), pages 15-28.
    12. Bastani, Parisa & Heywood, John B. & Hope, Chris, 2012. "The effect of uncertainty on US transport-related GHG emissions and fuel consumption out to 2050," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(3), pages 517-548.
    13. Hultkrantz, Lars & Svensson, Mikael, 2012. "A Comparison of Benefit Cost and Cost Utility Analysis in Practice: Divergent Policies in Sweden," Karlstad University Working Papers in Economics 1, Department of Economics, Karlstad University.
    14. Alexandros Dimitropoulos & Piet Rietveld & Jos N. van Ommeren, 2011. "Consumer Valuation of Driving Range: A Meta-Analysis," Tinbergen Institute Discussion Papers 11-133/3, Tinbergen Institute.

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