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Theoretical analysis on the variation of value of travel time savings

  • Jiang, Meilan
  • Morikawa, Takayuki
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    This paper theoretically examines whether and how the value of travel time savings changes with the travel and individual socio-economic environments. A time allocation model for the general case of travel behavior is proposed following a review of basic theories of the value of time. Under some general assumptions, changes of value of travel time savings with travel time, travel cost, wage rate, and work time are examined by the comparative static analysis. Differences between the variation of the value of travel time savings and value of time as a resource are also discussed. The results provide the variation mechanisms of the value of time and verify some of the results of empirical studies.

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    Article provided by Elsevier in its journal Transportation Research Part A: Policy and Practice.

    Volume (Year): 38 (2004)
    Issue (Month): 8 (October)
    Pages: 551-571

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    Handle: RePEc:eee:transa:v:38:y:2004:i:8:p:551-571
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    1. Noland, Robert B. & Small, Kenneth A. & Koskenoja, Pia Maria & Chu, Xuehao, 1997. "Simulating Travel Reliability," University of California Transportation Center, Working Papers qt30w220k0, University of California Transportation Center.
    2. Vickrey, William S, 1969. "Congestion Theory and Transport Investment," American Economic Review, American Economic Association, vol. 59(2), pages 251-60, May.
    3. Bhat, Chandra R., 1998. "Accommodating variations in responsiveness to level-of-service measures in travel mode choice modeling," Transportation Research Part A: Policy and Practice, Elsevier, vol. 32(7), pages 495-507, September.
    4. Sergio Jara-Díaz, 2003. "On the goods-activities technical relations in the time allocation theory," Transportation, Springer, vol. 30(3), pages 245-260, August.
    5. Evans, Alan W, 1972. "On the Theory of the Valuation and Allocation of Time," Scottish Journal of Political Economy, Scottish Economic Society, vol. 19(1), pages 1-17, February.
    6. Small, Kenneth A, 1982. "The Scheduling of Consumer Activities: Work Trips," American Economic Review, American Economic Association, vol. 72(3), pages 467-79, June.
    7. de Donnea, F. X., 1972. "Consumer behaviour, transport mode choice and value of time: Some micro-economic models," Regional and Urban Economics, Elsevier, vol. 1(4), pages 355-382, February.
    8. David A. Hensher, 2001. "Measurement of the Valuation of Travel Time Savings," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 35(1), pages 71-98, January.
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