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Income and distance elasticities of values of travel time savings: New Swiss results

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Author Info

  • Axhausen, Kay W.
  • Hess, Stephane
  • König, Arnd
  • Abay, Georg
  • Bates, John J.
  • Bierlaire, Michel
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    Abstract

    This paper presents the findings of a study looking into the valuation of travel time savings (VTTS) in Switzerland, across modes as well as across purpose groups. The study makes several departures from the usual practice in VTTS studies, with the main one being a direct representation of the income and distance elasticity of the VTTS measures. Here, important gains in model performance and significantly different results are obtained through this approach. Additionally, the analysis shows that the estimation of robust coefficients for congested car travel time is hampered by the low share of congested time in the overall travel time, and the use of an additional rate-of-congestion coefficient, in addition to a generic car travel time coefficient, is preferable. Finally, the analysis demonstrates that the population mean of the indicators calculated is quite different from the sample means and presents methods to calculate those, along with the associated variances. These variances are of great interest as they allow the generation of confidence intervals, which can be extremely useful in cost-benefit analyses.

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    Bibliographic Info

    Article provided by Elsevier in its journal Transport Policy.

    Volume (Year): 15 (2008)
    Issue (Month): 3 (May)
    Pages: 173-185

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    Handle: RePEc:eee:trapol:v:15:y:2008:i:3:p:173-185

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    References

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    1. Jovicic, Goran & Hansen, Christian Overgaard, 2003. "A passenger travel demand model for Copenhagen," Transportation Research Part A: Policy and Practice, Elsevier, vol. 37(4), pages 333-349, May.
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    Cited by:
    1. 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.
    2. Maria Börjesson, 2014. "Inter-temporal variation in the travel time and travel cost parameters of transport models," Transportation, Springer, vol. 41(2), pages 377-396, March.
    3. Glerum, Aurélie & Atasoy, Bilge & Bierlaire, Michel, 2014. "Using semi-open questions to integrate perceptions in choice models," Journal of choice modelling, Elsevier, vol. 10(C), pages 11-33.
    4. Menghini, G. & Carrasco, N. & Schüssler, N. & Axhausen, K.W., 2010. "Route choice of cyclists in Zurich," Transportation Research Part A: Policy and Practice, Elsevier, vol. 44(9), pages 754-765, November.
    5. Börjesson, Maria & Eliasson, Jonas, 2014. "Experiences from the Swedish Value of Time study," Transportation Research Part A: Policy and Practice, Elsevier, vol. 59(C), pages 144-158.
    6. Hurtubia, Ricardo & Nguyen, My Hang & Glerum, Aurélie & Bierlaire, Michel, 2014. "Integrating psychometric indicators in latent class choice models," Transportation Research Part A: Policy and Practice, Elsevier, vol. 64(C), pages 135-146.
    7. Hjorth, Katrine & Fosgerau, Mogens, 2012. "Using prospect theory to investigate the low marginal value of travel time for small time changes," MPRA Paper 42246, University Library of Munich, Germany.
    8. Crabbe, Marjolein & Akinc, Deniz & Vandebroek, Martina, 2014. "Fast algorithms to generate individualized designs for the mixed logit choice model," Transportation Research Part B: Methodological, Elsevier, vol. 60(C), pages 1-15.

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