The value of time and reliability: measurement from a value pricing experiment
AbstractWe measure values of time and reliability from 1998 data on actual behavior of commuters on State Route 91 in Orange County, California, where they choose between a free and a variably tolled route. For each route at each time of day and for each day of the week, the distribution of travel times across different weeks is measured using loop detector data. The best-fitting models represent travel-time by its median, and unreliability by the difference between the 90th percentile and the median. We present models of route choice both alone and combined with other choices, namely time of day, car occupancy, and installation of an electronic transponder. In our best model, containing all these choices except time of day, value of time (VOT) is $22.87 per hour, while value of reliability is $15.12 per hour for men and $31.91 for women. These values are 72%, 48%, and 101%, respectively, of the average wage rate in our sample.
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.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Transportation Research Part E: Logistics and Transportation Review.
Volume (Year): 37 ()
Issue (Month): 2-3 (April)
Contact details of provider:
Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/600244/description#description
Other versions of this item:
- Lam, T.C. & Small, K.A., 2000. "The Value of Time and Reliability: Measurement from a Value Pricing Experiment," Papers 00-02, California Irvine - School of Social Sciences.
- Lam, Terence C. & Small, Kenneth A., 2003. "The Value of Time and Reliability: Measurement from a Value Pricing Experiment," University of California Transportation Center, Working Papers qt47s4z7z5, University of California Transportation Center.
- C93 - Mathematical and Quantitative Methods - - Design of Experiments - - - Field Experiments
- D3 - Microeconomics - - Distribution
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- André de Palma & Moshe Ben-Akiva & David Brownstone & Charles Holt & Thierry Magnac & Daniel McFadden & Peter Moffatt & Nathalie Picard & Kenneth Train & Peter Wakker & Joan Walker, 2008.
"Risk, Uncertainty and Discrete Choice Models,"
THEMA Working Papers
2008-02, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
- André De Palma & Robin Lindsey & Nathalie Picard, 2008. "Risk aversion, the value of information and traffic equilibrium," Working Papers hal-00349492, HAL.
- Yin-Yen Tseng, 2004. "A meta-analysis of travel time reliability," ERSA conference papers ersa04p415, European Regional Science Association.
- Barry Ubbels & Yin-Yen Tseng & Erik T. Verhoef, 2005. "Value of time, schedule delay and reliability - estimates based on choice behaviour of Dutch commuters facing congestion," ERSA conference papers ersa05p202, European Regional Science Association.
- Brian Smalkoski & David Levinson, 2005. "Value of Time for Commercial Vehicle Operators," Working Papers 200501, University of Minnesota: Nexus Research Group.
- Fosgerau, Mogens & Fukuda, Daisuke, 2010. "Valuing travel time variability: Characteristics of the travel time distribution on an urban road," MPRA Paper 24330, University Library of Munich, Germany.
- Dirk Van Amelsfort & Michiel Bliemer, 2005. "Valuation of uncertainty in travel time and arrival time - some findings from a choice experiment," ERSA conference papers ersa05p721, European Regional Science Association.
- Javier Asensio & Anna Matas, 2007. "Commuters’ valuation of travel time variability in Barcelona," Working Papers wpdea0701, Department of Applied Economics at Universitat Autonoma of Barcelona.
- Lei Zhang & Feng xie & David Levinson, 2007. "Illusion of Motion: Variation of Subjective Value of Travel Time on Freeways and Ramp Meters," Working Papers 200903, University of Minnesota: Nexus Research Group.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.