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Theoretical analysis on the variation of value of travel time savings

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  • Jiang, Meilan
  • Morikawa, Takayuki

Abstract

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.

Suggested Citation

  • Jiang, Meilan & Morikawa, Takayuki, 2004. "Theoretical analysis on the variation of value of travel time savings," Transportation Research Part A: Policy and Practice, Elsevier, vol. 38(8), pages 551-571, October.
  • Handle: RePEc:eee:transa:v:38:y:2004:i:8:p:551-571
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    References listed on IDEAS

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    Cited by:

    1. Chakrabarti, Sandip & Giuliano, Genevieve, 2015. "Does service reliability determine transit patronage? Insights from the Los Angeles Metro bus system," Transport Policy, Elsevier, vol. 42(C), pages 12-20.
    2. Kenneth A. Small & Clifford Winston & Jia Yan, 2005. "Differentiated Road Pricing, Express Lanes and Carpools: Exploiting Heterogeneous Preferences in Policy Design," Working Papers 050616, University of California-Irvine, Department of Economics, revised Mar 2006.
    3. Liu, Henry X. & He, Xiaozheng & Recker, Will, 2007. "Estimation of the time-dependency of values of travel time and its reliability from loop detector data," Transportation Research Part B: Methodological, Elsevier, vol. 41(4), pages 448-461, May.
    4. Beaud, Mickael & Blayac, Thierry & Stéphan, Maïté, 2016. "The impact of travel time variability and travelers’ risk attitudes on the values of time and reliability," Transportation Research Part B: Methodological, Elsevier, vol. 93(PA), pages 207-224.
    5. Zhao, Jian & Zhao, Yunyi & Li, Ying, 2015. "The variation in the value of travel-time savings and the dilemma of high-speed rail in China," Transportation Research Part A: Policy and Practice, Elsevier, vol. 82(C), pages 130-140.
    6. Castro, Marisol & Bhat, Chandra R. & Pendyala, Ram M. & Jara-Díaz, Sergio R., 2012. "Accommodating multiple constraints in the multiple discrete–continuous extreme value (MDCEV) choice model," Transportation Research Part B: Methodological, Elsevier, vol. 46(6), pages 729-743.
    7. 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.
    8. Barry Ubbels & Yin-Yen Tseng & Erik T. Verhoef, 2005. "Value of time, schedule delay and reliability - estimates based on choice behaviour of Dutch commuters facing congestion," ERSA conference papers ersa05p202, European Regional Science Association.
    9. De Borger, Bruno & Fosgerau, Mogens, 2008. "The trade-off between money and travel time: A test of the theory of reference-dependent preferences," Journal of Urban Economics, Elsevier, vol. 64(1), pages 101-115, July.
    10. Nicanor R. Roxas & Alexis M. Fillone, 2016. "Establishing value of time for the inter-island passenger transport of the Western Visayas region, Philippines," Transportation, Springer, vol. 43(4), pages 661-676, July.
    11. Sandip Chakrabarti & Genevieve Giuliano, 2014. "Does service reliability influence transit patronage? Evidence from Los Angeles, and implications for transit policy," Working Paper 9297, USC Lusk Center for Real Estate.
    12. Teichert, Thorsten & Shehu, Edlira & von Wartburg, Iwan, 2008. "Customer segmentation revisited: The case of the airline industry," Transportation Research Part A: Policy and Practice, Elsevier, vol. 42(1), pages 227-242, January.
    13. Ahlheim, Michael & Frör, Oliver & Heinke, Antonia & Duc, Nguyen Minh & Dinh, Pham Van, 2010. "Labour as a utility measure in contingent valuation studies: how good is it really?," FZID Discussion Papers 13-2010, University of Hohenheim, Center for Research on Innovation and Services (FZID).

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