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Value of Time by Time of Day: A Stated-Preference Study

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  • Yin-yen Tseng

    ()
    (VU University Amsterdam)

  • Erik Verhoef

    ()
    (VU University Amsterdam)

Abstract

This paper proposes an alternative, dynamic framework for estimatingtime-varying values of travel time savings and values of schedule delay, in whichtime-preferences are represented as the time-varying excess willingness to pay(EWPT) to being in the one location, over being elsewhere. It is shown how theconventional linear model, with time-independent values of travel time savings andschedule delay costs, is a special case of our model, and that it is implausibleparticularly in that it implicitly assumes that the willingness to pay for spending a minute at home instead of being in the vehicle does not vary by time of day, even not for very early departures. The framework is applied to SP data representing the respondents departure time choices for the morning commute. The results suggest that individuals time-related shadow prices indeed vary strongly over the morning peak, and values of travel time savings are consequently strongly time-dependent, following plausible and intuitive patterns.

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Bibliographic Info

Paper provided by Tinbergen Institute in its series Tinbergen Institute Discussion Papers with number 07-061/3.

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Date of creation: 24 Aug 2007
Date of revision: 08 Nov 2007
Handle: RePEc:dgr:uvatin:20070061

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

Related research

Keywords: Value of Travel Time Savings; Value of Schedule Delay; Value of Unreliability; Stated Choice;

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  1. Liu, Henry X. & He, Xiaozheng & Recker, Will, 2007. "Estimation of the time-dependency of values of travel time and its reliability from loop detector data," Transportation Research Part B: Methodological, Elsevier, vol. 41(4), pages 448-461, May.
  2. Kenneth A. Small & Clifford Winston & Jia Yan, 2005. "Uncovering the Distribution of Motorists' Preferences for Travel Time and Reliability," Econometrica, Econometric Society, vol. 73(4), pages 1367-1382, 07.
  3. Bates, John J, 1987. "Measuring Travel Time Values with a Discrete Choice Model: A Note," Economic Journal, Royal Economic Society, vol. 97(386), pages 493-98, June.
  4. Arnott, Richard & de Palma, Andre & Lindsey, Robin, 1993. "A Structural Model of Peak-Period Congestion: A Traffic Bottleneck with Elastic Demand," American Economic Review, American Economic Association, vol. 83(1), pages 161-79, March.
  5. Bhat, Chandra R. & Sardesai, Rupali, 2006. "The impact of stop-making and travel time reliability on commute mode choice," Transportation Research Part B: Methodological, Elsevier, vol. 40(9), pages 709-730, November.
  6. 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.
  7. Vickrey, William S, 1969. "Congestion Theory and Transport Investment," American Economic Review, American Economic Association, vol. 59(2), pages 251-60, May.
  8. Small, Kenneth A, 1982. "The Scheduling of Consumer Activities: Work Trips," American Economic Review, American Economic Association, vol. 72(3), pages 467-79, June.
  9. Redmond, Lothlorien S. & Mokhtarian, Patricia L., 2001. "The Positive Utility of the Commute: Modeling Ideal Commute Time and Relative Desired Commute Amount," University of California Transportation Center, Working Papers qt4mc291p2, University of California Transportation Center.
  10. DeSerpa, A C, 1971. "A Theory of the Economics of Time," Economic Journal, Royal Economic Society, vol. 81(324), pages 828-46, December.
  11. 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.
  12. David Revelt & Kenneth Train, 1998. "Mixed Logit With Repeated Choices: Households' Choices Of Appliance Efficiency Level," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 647-657, November.
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