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Uban Tolled Roads and the Value of Travel Time Savings

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  • DAVID A. HENSHER
  • FRANK W. MILTHORPE
  • NARIIDA C. SMITH
  • PETER O. BARNARD

Abstract

The recent interest in the privatization of major urban roads has opened up the debate on the tolling of such facilities. Central to the identification of optimal tolls is a knowledge of the amount of money individuals are willing to outlay to save travel time. This paper combines a utility maximization framework with stated response data to determine values of time savings in the presence of varying levels of toll for the full set of urban journey purposes. The empirical results provide a basis for establishing one benchmark for toll setting, in the context of substantial lengths of urban roads. There are no tolled urban roads in any major urban area throughout the world

Suggested Citation

  • David A. Hensher & Frank W. Milthorpe & Nariida C. Smith & Peter O. Barnard, 1990. "Uban Tolled Roads and the Value of Travel Time Savings," The Economic Record, The Economic Society of Australia, vol. 66(2), pages 146-156, June.
    • Handle: RePEc:bla:ecorec:v:66:y:1990:i:2:p:146-156
    DOI: 10.1111/j.1475-4932.1990.tb01714.x
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    1. Hensher, David A, 1986. "Sequential and Full Information Maximum Likelihood Estimation of a Nested Logit Model," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 657-667, November.
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    2. Randriamaro, Mary Tiana & Cook, Joseph, 2022. "The value of time, with and without a smartphone," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 138-146.

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