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An international meta-analysis of values of travel time savings

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  • Shires, J.D.
  • de Jong, G.C.

Abstract

Values of travel time savings are often used in cost-benefit analysis of transport projects and policies, and also to compute generalised travel costs. There has been considerable debate as to whether different research methods (e.g. stated versus revealed preference) will lead to different values of travel time savings, and which segmentations (e.g. by income or mode) are most important to capture the heterogeneity in these values. In addition there are many countries where no specific valuation studies have been done. In this paper new equations are estimated on the outcomes of value of travel time savings studies from various countries. In the data set, several countries appear more than once, which is taken into account by estimating random effects panel models. The meta-analysis sheds some new light on the variation of the value of travel time savings by income, country, travel purpose, mode, distance and by survey method. Furthermore, the resulting meta-models are applied to produce new values of travel time savings for business travel, commuting and for other purposes in passenger transport, for 25 European Union Member states. Similar methods could be used to statistically analyse studies carried out on other non-monetary effects, both for transport and non-transport projects, and for inclusion in cost-benefit analysis.

Suggested Citation

  • Shires, J.D. & de Jong, G.C., 2009. "An international meta-analysis of values of travel time savings," Evaluation and Program Planning, Elsevier, vol. 32(4), pages 315-325, November.
  • Handle: RePEc:eee:epplan:v:32:y:2009:i:4:p:315-325
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    References listed on IDEAS

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    1. de Jong, Gerard & Gunn, Hugh & Ben-Akiva, Moshe, 2004. "A meta-model for passenger and freight transport in Europe," Transport Policy, Elsevier, vol. 11(4), pages 329-344, October.
    2. Luca Zamparini & Aura Reggiani, 2007. "Meta-Analysis and the Value of Travel Time Savings: A Transatlantic Perspective in Passenger Transport," Networks and Spatial Economics, Springer, vol. 7(4), pages 377-396, December.
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    Cited by:

    1. Anderson, Michael L. & Lu, Fangwen & Zhang, Yiran & Yang, Jun & Qin, Ping, 2016. "Superstitions, street traffic, and subjective well-being," Journal of Public Economics, Elsevier, vol. 142(C), pages 1-10.
    2. Kouwenhoven, Marco & de Jong, Gerard C. & Koster, Paul & van den Berg, Vincent A.C. & Verhoef, Erik T. & Bates, John & Warffemius, Pim M.J., 2014. "New values of time and reliability in passenger transport in The Netherlands," Research in Transportation Economics, Elsevier, vol. 47(C), pages 37-49.
    3. Ho, Chinh Q. & Mulley, Corinne & Shiftan, Yoram & Hensher, David A., 2016. "Vehicle value of travel time savings: Evidence from a group-based modelling approach," Transportation Research Part A: Policy and Practice, Elsevier, vol. 88(C), pages 134-150.
    4. Peer, Stefanie & Knockaert, Jasper & Koster, Paul & Verhoef, Erik T., 2014. "Over-reporting vs. overreacting: Commuters’ perceptions of travel times," Transportation Research Part A: Policy and Practice, Elsevier, vol. 69(C), pages 476-494.
    5. Abrantes, Pedro A.L. & Wardman, Mark R., 2011. "Meta-analysis of UK values of travel time: An update," Transportation Research Part A: Policy and Practice, Elsevier, vol. 45(1), pages 1-17, January.
    6. Carrion, Carlos & Levinson, David, 2012. "Value of travel time reliability: A review of current evidence," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(4), pages 720-741.
    7. Mark Wardman, 2012. "Review and meta-analysis of U.K. time elasticities of travel demand," Transportation, Springer, vol. 39(3), pages 465-490, May.
    8. Stefanie Peer & Erik Verhoef & Jasper Knockaert & Paul Koster & Yin-Yen Tseng, 2011. "Long-Run vs. Short-Run Perspectives on Consumer Scheduling: Evidence from a Revealed-Preference Experiment among Peak-Hour Road Commuters," Tinbergen Institute Discussion Papers 11-181/3, Tinbergen Institute, revised 25 Aug 2014.
    9. Viguié, Vincent & Hallegatte, Stéphane & Rozenberg, Julie, 2014. "Downscaling long term socio-economic scenarios at city scale: A case study on Paris," Technological Forecasting and Social Change, Elsevier, vol. 87(C), pages 305-324.
    10. Veisten, Knut & Stefan, Christian & Winkelbauer, Martin, 2013. "Standing in cost-benefit analysis of road safety measures: A case of speed enforcement vs. speed change," Transport Policy, Elsevier, vol. 30(C), pages 269-274.
    11. Wardman, Mark & Chintakayala, V. Phani K. & de Jong, Gerard, 2016. "Values of travel time in Europe: Review and meta-analysis," Transportation Research Part A: Policy and Practice, Elsevier, vol. 94(C), pages 93-111.
    12. Peer, Stefanie & Knockaert, Jasper & Verhoef, Erik T., 2016. "Train commuters’ scheduling preferences: Evidence from a large-scale peak avoidance experiment," Transportation Research Part B: Methodological, Elsevier, vol. 83(C), pages 314-333.
    13. Merkert, Rico & Beck, Matthew, 2017. "Value of travel time savings and willingness to pay for regional aviation," Transportation Research Part A: Policy and Practice, Elsevier, vol. 96(C), pages 29-42.
    14. Small, Kenneth A., 2012. "Valuation of travel time," Economics of Transportation, Elsevier, vol. 1(1), pages 2-14.
    15. Börjesson, Maria & Fosgerau, Mogens & Algers, Staffan, 2012. "On the income elasticity of the value of travel time," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(2), pages 368-377.
    16. Panou, Konstantinos & Kapros, Seraphim & Polydoropoulou, Amalia, 2015. "How service bundling can increase the competitiveness of low market share transportation services," Research in Transportation Economics, Elsevier, vol. 49(C), pages 22-35.
    17. Koopmans, Carl & Groot, Wim & Warffemius, Pim & Annema, Jan Anne & Hoogendoorn-Lanser, Sascha, 2013. "Measuring generalised transport costs as an indicator of accessibility changes over time," Transport Policy, Elsevier, vol. 29(C), pages 154-159.
    18. Charles Raux & Amandine Chevalier & Emmanuel Bougna & Denis Hilton, 2015. "Mobility Choices and Climate Change: Assessing the Effects of Social Norms and Economic Incentives through Discrete Choice Experiments," Post-Print halshs-01158088, HAL.
    19. Wardman, Mark & Batley, Richard & Laird, James & Mackie, Peter & Bates, John, 2015. "How should business travel time savings be valued?," Economics of Transportation, Elsevier, vol. 4(4), pages 200-214.

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