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Valuation of Travel Time Savings

In: A Handbook of Transport Economics

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  • David A. Hensher

Abstract

Bringing together insights and perspectives from close to 70 of the world’s leading experts in the field, this timely Handbook provides an up-to-date guide to the most recent and state-of-the-art advances in transport economics. The comprehensive coverage includes topics such as the relationship between transport and the spatial economy, recent advances in travel demand analysis, the external costs of transport, investment appraisal, pricing, equity issues, competition and regulation, the role of public–private partnerships and the development of policy in local bus services, rail, air and maritime transport.

Suggested Citation

  • David A. Hensher, 2011. "Valuation of Travel Time Savings," Chapters, in: André de Palma & Robin Lindsey & Emile Quinet & Roger Vickerman (ed.), A Handbook of Transport Economics, chapter 7, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:12679_7
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    References listed on IDEAS

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    1. Truong, Truong P & Hensher, David A, 1985. "Measurement of Travel Time Values and Opportunity Cost from a Discrete-Choice Model," Economic Journal, Royal Economic Society, vol. 95(378), pages 438-451, June.
    2. André de Palma & Robin Lindsey & Emile Quinet & Roger Vickerman (ed.), 2011. "A Handbook of Transport Economics," Books, Edward Elgar Publishing, number 12679.
    3. Wardman, Mark, 0. "A review of British evidence on time and service quality valuations," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 37(2-3), pages 107-128, April.
    4. Leon N. Moses & Harold F. Williamson & Jr., 1963. "Value of Time, Choice of Mode, and the Subsidy Issue in Urban Transportation," Journal of Political Economy, University of Chicago Press, vol. 71(3), pages 247-247.
    5. Hensher, David A. & Puckett, Sean M. & Rose, John M., 2007. "Agency decision making in freight distribution chains: Establishing a parsimonious empirical framework from alternative behavioural structures," Transportation Research Part B: Methodological, Elsevier, vol. 41(9), pages 924-949, November.
    6. Hensher, David A., 0. "The sensitivity of the valuation of travel time savings to the specification of unobserved effects," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 37(2-3), pages 129-142, April.
    7. Louviere,Jordan J. & Hensher,David A. & Swait,Joffre D. With contributions by-Name:Adamowicz,Wiktor, 2000. "Stated Choice Methods," Cambridge Books, Cambridge University Press, number 9780521788304.
    8. André de Palma & Robin Lindsey & Emile Quinet & Robert Vickerman, 2011. "Handbook Of Transport Economics," PSE-Ecole d'économie de Paris (Postprint) halshs-00754912, HAL.
    9. David Hensher, 2006. "The Signs of the Times: Imposing a Globally Signed Condition on Willingness to Pay Distributions," Transportation, Springer, vol. 33(3), pages 205-222, May.
    10. Evans, Alan W, 1972. "On the Theory of the Valuation and Allocation of Time," Scottish Journal of Political Economy, Scottish Economic Society, vol. 19(1), pages 1-17, February.
    11. Daniel McFadden & Kenneth Train, 2000. "Mixed MNL models for discrete response," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(5), pages 447-470.
    12. Train,Kenneth E., 2009. "Discrete Choice Methods with Simulation," Cambridge Books, Cambridge University Press, number 9780521747387.
    13. Bhat, Chandra R., 1995. "A heteroscedastic extreme value model of intercity travel mode choice," Transportation Research Part B: Methodological, Elsevier, vol. 29(6), pages 471-483, December.
    14. de Donnea, F. X., 1972. "Consumer behaviour, transport mode choice and value of time: Some micro-economic models," Regional and Urban Economics, Elsevier, vol. 1(4), pages 355-382, February.
    15. DeSerpa, A C, 1971. "A Theory of the Economics of Time," Economic Journal, Royal Economic Society, vol. 81(324), pages 828-846, December.
    16. Bates, John J, 1987. "Measuring Travel Time Values with a Discrete Choice Model: A Note," Economic Journal, Royal Economic Society, vol. 97(386), pages 493-498, June.
    17. DeSerpa, Allan C., 1973. "Microeconomic theory and the valuation of travel time: Some clarification," Regional and Urban Economics, Elsevier, vol. 2(4), pages 401-410.
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    Citations

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    Cited by:

    1. Mackie, Peter & Worsley, Tom & Eliasson, Jonas, 2014. "Transport appraisal revisited," Research in Transportation Economics, Elsevier, vol. 47(C), pages 3-18.
    2. Kolarova, Viktoriya & Steck, Felix & Bahamonde-Birke, Francisco J., 2019. "Assessing the effect of autonomous driving on value of travel time savings: A comparison between current and future preferences," Transportation Research Part A: Policy and Practice, Elsevier, vol. 129(C), pages 155-169.
    3. Schweitzer, Nicola & Hofmann, Rupert & Meinheit, Andreas, 2019. "Strategic customer foresight: From research to strategic decision-making using the example of highly automated vehicles," Technological Forecasting and Social Change, Elsevier, vol. 144(C), pages 49-65.
    4. Mulley, Corinne & Clifton, Geoffrey Tilden & Balbontin, Camila & Ma, Liang, 2017. "Information for travelling: Awareness and usage of the various sources of information available to public transport users in NSW," Transportation Research Part A: Policy and Practice, Elsevier, vol. 101(C), pages 111-132.
    5. Ginés de Rus & M. Pilar Socorro & Jorge Valido & Javier Campos, 2023. "Cost–Benefit Analysis of Transport Projects: Theoretical Framework and Practical Rules," Springer Books, in: Economic Evaluation of Transport Projects, chapter 0, pages 11-42, Springer.
    6. Small, Kenneth A., 2012. "Valuation of travel time," Economics of Transportation, Elsevier, vol. 1(1), pages 2-14.
    7. Vickerman, Roger, 2017. "Beyond cost-benefit analysis: the search for a comprehensive evaluation of transport investment," Research in Transportation Economics, Elsevier, vol. 63(C), pages 5-12.
    8. Rich, Jeppe & Vandet, Christian Anker, 2019. "Is the value of travel time savings increasing? Analysis throughout a financial crisis," Transportation Research Part A: Policy and Practice, Elsevier, vol. 124(C), pages 145-168.
    9. Lindsey, Robin, 2012. "Road pricing and investment," Economics of Transportation, Elsevier, vol. 1(1), pages 49-63.
    10. Robert Kölbl & Martin Kozek, 2021. "A physiological model of human mobility: A global study," Palgrave Communications, Palgrave Macmillan, vol. 8(1), pages 1-14, December.
    11. Tjiong, Jeff & Dekker, Thijs & Hess, Stephane & Ojeda Cabral, Manuel, 2022. "The selection of income measures in value of travel time models and their implications for the VTT, its cross-sectional income elasticity and transport appraisal," Research in Transportation Economics, Elsevier, vol. 94(C).
    12. Wardman, Mark & Batley, Richard & Laird, James & Mackie, Peter & Bates, John, 2015. "How should business travel time savings be valued?," Economics of Transportation, Elsevier, vol. 4(4), pages 200-214.

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