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Behind the Subjective Value of Travel Time Savings


Author Info

  • Sergio R. Jara-Diaz
  • Cristián A. Guevara


Many travel choice models estimated throughout the world have been used to calculate the full value of travel time savings. Its components, however, have never been estimated quantitatively. This article takes into consideration the fact that travel (mode) choice and activity demand models come from a common microeconomic framework such that their specifications are linked. The authors show that estimating both types of models from the same population makes it possible to obtain all components of the subjective value of travel time savings empirically because the models share some common parameters. This novel approach is experimentally applied using information on travel choices and homework activities for two income groups collected in Santiago, Chile. © The London School of Economics and the University of Bath 2003

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Bibliographic Info

Article provided by London School of Economics and University of Bath in its journal Journal of Transport Economics and Policy.

Volume (Year): 37 (2003)
Issue (Month): 1 (January)
Pages: 29-46

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Handle: RePEc:tpe:jtecpo:v:37:y:2003:i:1:p:29-46

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Cited by:
  1. 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).
  2. repec:ise:isegwp:wp82008 is not listed on IDEAS
  3. Batarce, Marco & Ivaldi, Marc, 2014. "Urban travel demand model with endogenous congestion," Transportation Research Part A: Policy and Practice, Elsevier, vol. 59(C), pages 331-345.
  4. 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.
  5. Banerjee, Ipsita & Kanafani, Adib, 2008. "The Value of Wireless Internet Connection on Trains: Implications for Mode-Choice Models," University of California Transportation Center, Working Papers qt3bv6g5pm, University of California Transportation Center.
  6. Tscharaktschiew, Stefan & Hirte, Georg, 2009. "An urban general equilibrium model with multiple household structures and travel mode choice," Dresden Discussion Paper Series in Economics 06/09, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
  7. Xinkai Wu & David Levinson & Henry Liu, 2008. "Perception of Waiting Time at Signalized Intersections," Working Papers 200909, University of Minnesota: Nexus Research Group.


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