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Valuation of Travel Time and TravelIer Information

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  • Piet Rietveld

    () (Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam)

Abstract

The value of travel time plays an important role in cost benefit analysis of infrastructureprojects. However, the issue of uncertainty on travel times and the implications this has forestimations of travel time values has received much less attention in the literature. In thispaper we compare various modelling approaches to address uncertainty and demonstrate thatignoring uncertainty issues may easily lead to distorted estimates of values of travel time. Thisis of special relevance in public transport where various trip components may have differentvaluations and degrees of uncertainty. Our approach sheds light among others on the hightime valuations for waiting at transfer points in public transport. Implications are given for thesupply of traveller information on values of travel time in public transport.

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File URL: http://papers.tinbergen.nl/03036.pdf
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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 03-036/3.

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Date of creation: 11 May 2003
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Handle: RePEc:dgr:uvatin:20030036

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Web page: http://www.tinbergen.nl

Related research

Keywords: multimodal travel; public transport; value of travel time; expected utility; uncertainty; unreliability.;

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