The value of travel time variance
AbstractThis paper considers the value of travel time variability under scheduling preferences that are defined in terms of linearly time varying utility rates associated with being at the origin and at the destination. The main result is a simple expression for the value of travel time variability that does not depend on the shape of the travel time distribution. The related measure of travel time variability is the variance of travel time. These conclusions apply equally to travellers who can freely choose departure time and to travellers who use a scheduled service with fixed headway. Depending on parameters, travellers may be risk averse or risk seeking and the value of travel time may increase or decrease in the mean travel time.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Elsevier in its journal Transportation Research Part B: Methodological.
Volume (Year): 45 (2011)
Issue (Month): 1 (January)
Contact details of provider:
Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/548/description#description
Other versions of this item:
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- R41 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Transportation: Demand, Supply, and Congestion
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Arnott, Richard & de Palma, Andre & Lindsey, Robin, 1993. "A Structural Model of Peak-Period Congestion: A Traffic Bottleneck with Elastic Demand," American Economic Review, American Economic Association, vol. 83(1), pages 161-79, March.
- Tseng, Yin-Yen & Verhoef, Erik T., 2008.
"Value of time by time of day: A stated-preference study,"
Transportation Research Part B: Methodological,
Elsevier, vol. 42(7-8), pages 607-618, August.
- Yin-yen Tseng & Erik Verhoef, 2007. "Value of Time by Time of Day: A Stated-Preference Study," Tinbergen Institute Discussion Papers 07-061/3, Tinbergen Institute, revised 08 Nov 2007.
- Kenneth A. Small & Clifford Winston & Jia Yan, 2005.
"Uncovering the Distribution of Motorists' Preferences for Travel Time and Reliability,"
Econometric Society, vol. 73(4), pages 1367-1382, 07.
- Small, Kenneth A. & Winston, Clifford & Yan, Jia, 2005. "Uncovering the Distribution of Motorists' Preferences for Travel Time and Reliability," Working paper 179, Regulation2point0.
- Zhang, Xiaoning & Yang, Hai & Huang, Hai-Jun & Zhang, H. Michael, 2005. "Integrated scheduling of daily work activities and morning-evening commutes with bottleneck congestion," Transportation Research Part A: Policy and Practice, Elsevier, vol. 39(1), pages 41-60, January.
- DeSerpa, A C, 1971. "A Theory of the Economics of Time," Economic Journal, Royal Economic Society, vol. 81(324), pages 828-46, December.
- Wang, James Jixian, 1996. "Timing utility of daily activities and its impact on travel," Transportation Research Part A: Policy and Practice, Elsevier, vol. 30(3), pages 189-206, May.
- Fosgerau, Mogens, 2009. "The marginal social cost of headway for a scheduled service," Transportation Research Part B: Methodological, Elsevier, vol. 43(8-9), pages 813-820, September.
- Fosgerau, Mogens & Karlström, Anders, 2007.
"The value of reliability,"
5733, University Library of Munich, Germany.
- Vickrey, William S, 1969. "Congestion Theory and Transport Investment," American Economic Review, American Economic Association, vol. 59(2), pages 251-60, May.
- Small, Kenneth A, 1982. "The Scheduling of Consumer Activities: Work Trips," American Economic Review, American Economic Association, vol. 72(3), pages 467-79, June.
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page. reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If references are entirely missing, you can add them using this form.