Brian Smalkoski David Levinson () (Nexus (Networks, Economics, and Urban Systems) Research Group, Department of Civil Engineering, University of Minnesota)
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The spring load restriction policy of Minnesota has been in effect for over 50 years with little consideration given to the cost that it imposes on the freight industry. A cost-benefit study was recently commissioned to examine the policy. The cost-benefit analysis required a precise estimate of the value of time for commercial vehicle operators in Minnesota. An estimate was not available from previous studies, or from previous data. The necessary revealed preference (RP) information does not exist, and relevance of previous studies was questioned based on the differences in geographic location and the age of data used to construct the estimates. A sample was constructed from several trucking industry sources to conduct a survey. Interviews were conducted using an adaptive stated preference (ASP) survey to derive an estimate to the nearest dollar. A tobit model was fit to the data from the interviews to derive the estimate for value of time. A mean of $49.42 was found, with a 95 percent confidence interval from $40.45 to $58.39. Variation in the distribution of values is largely undetermined, with the exception of fleet operation, whether it is a for-hire truck fleet, or a private truck fleet. .
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Paper provided by University of Minnesota: Nexus Research Group in its series Working Papers with number
200501.
Length: Date of creation: 2005 Date of revision: Publication status: Published in Journal of the Transportation Research Forum . 44:1 89-102. Handle: RePEc:nex:wpaper:truckvalueoftime
Contact details of provider: Postal: Dept. of Civil Engineering, 500 Pillsbury Drive SE, Minneapolis, MN 55455 Phone: +01 (612) 625-6354 Fax: +01 (612) 626-7750 Web page: http://nexus.umn.edu More information through EDIRC
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Find related papers by JEL classification: R40 - Urban, Rural, and Regional Economics - - Transportation Systems - - - General R42 - Urban, Rural, and Regional Economics - - Transportation Systems - - - Government and Private Investment Analysis R48 - Urban, Rural, and Regional Economics - - Transportation Systems - - - Government Pricing; Regulatory Policies D21 - Microeconomics - - Production and Organizations - - - Firm Behavior C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
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