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The Value of Time and Reliability: Measurement from a Value Pricing Experiment

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  • Lam, Terence C.
  • Small, Kenneth A.

Abstract

We 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 cross 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.

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Bibliographic Info

Paper provided by University of California Transportation Center in its series University of California Transportation Center, Working Papers with number qt47s4z7z5.

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Date of creation: 01 Sep 2003
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Handle: RePEc:cdl:uctcwp:qt47s4z7z5

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Keywords: Social and Behavioral Sciences;

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Cited by:
  1. 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.
  2. Andre 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," Marketing Letters, Springer, vol. 19(3), pages 269-285, December.
    • 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.
  3. 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.
  4. 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.
  5. Yin-Yen Tseng, 2004. "A meta-analysis of travel time reliability," ERSA conference papers ersa04p415, European Regional Science Association.
  6. André De Palma & Robin Lindsey & Nathalie Picard, 2008. "Risk aversion, the value of information and traffic equilibrium," Working Papers hal-00349492, HAL.
  7. Brian Smalkoski & David Levinson, 2005. "Value of Time for Commercial Vehicle Operators," Working Papers 200501, University of Minnesota: Nexus Research Group.
  8. 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.
  9. 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.

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