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Value of Time for Commercial Vehicle Operators

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Author Info

  • Brian Smalkoski
  • David Levinson

    ()
    (Nexus (Networks, Economics, and Urban Systems) Research Group, Department of Civil Engineering, University of Minnesota)

Abstract

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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File URL: http://nexus.umn.edu/Papers/TruckValueOfTime.pdf
File Function: First version, 2007
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Bibliographic Info

Paper provided by University of Minnesota: Nexus Research Group in its series Working Papers with number 200501.

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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

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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
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  1. James Tobin, 1956. "Estimation of Relationships for Limited Dependent Variables," Cowles Foundation Discussion Papers 3R, Cowles Foundation for Research in Economics, Yale University.
  2. Rico Maggi & Simona Bolis, 1998. "Adaptive stated preference analysis of shippers? transport and logistics choice," ERSA conference papers ersa98p496, European Regional Science Association.
  3. Small, Kenneth A., 1993. "Congestion Pricing: New Life for an Old Idea?," University of California Transportation Center, Working Papers qt4fv3116k, University of California Transportation Center.
  4. Louviere,Jordan J. & Hensher,David A. & Swait,Joffre D., 2000. "Stated Choice Methods," Cambridge Books, Cambridge University Press, number 9780521788304, April.
  5. Brownstone, David & Ghosh, Arindam & Golob, Thomas F. & Kazimi, Camilla & Van Amelsfort, Dirk, 2003. "Drivers' willingness-to-pay to reduce travel time: evidence from the San Diego I-15 congestion pricing project," Transportation Research Part A: Policy and Practice, Elsevier, vol. 37(4), pages 373-387, May.
  6. Kawamura, Kazuya, 1999. "Commercial Vehicle Value of Time and Perceived Benefit of Congestion Pricing," University of California Transportation Center, Working Papers qt4pz727p6, University of California Transportation Center.
  7. Golob, Thomas F. & Regan, A C, 2002. "Trucking Industry Adoption of Information Technology: A Structural Multivariate Probit Model," University of California Transportation Center, Working Papers qt9w1988t7, University of California Transportation Center.
  8. Lam, Terence C. & Small, Kenneth A., 2003. "The Value of Time and Reliability: Measurement from a Value Pricing Experiment," University of California Transportation Center, Working Papers qt47s4z7z5, University of California Transportation Center.
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Cited by:
  1. Brian Smalkoski & Ning Li & David Levinson, 2006. "Economic Effects of Lifting the Spring Load Restriction Policy in Minnesota," Working Papers 200606, University of Minnesota: Nexus Research Group.
  2. Tilahun, Nebiyou Y. & Levinson, David M. & Krizek, Kevin J., 2007. "Trails, lanes, or traffic: Valuing bicycle facilities with an adaptive stated preference survey," Transportation Research Part A: Policy and Practice, Elsevier, vol. 41(4), pages 287-301, May.

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