Meta-analysis of UK values of travel time: An update
Numerous travel demand studies have been carried out over the past five decades, many of which produce estimates of the value of travel time. This includes a rich body of largely unpublished evidence, which can provide valuable insights into the impact of variables such as GDP, travel distance, purpose and mode on this critical parameter for transport modelling and appraisal. The work reported in this paper updates and extends our previous meta-analyses of UK values of time ([Wardman, 1998], [Wardman, 2001a] and [Wardman, 2004]) by adding recent studies and widening the range of explanatory variables included. Our current research covers 226 studies carried out between 1960 and 2008, yielding a total of 1749 valuations (a 50% increase relative to our previous work) and making this the largest data set of its kind to the best of our knowledge. This is also the most comprehensive study to date of parameters other than in-vehicle time and includes valuations of walk, wait, headway, congested, free flow, late, departure time shift and search time. Exploratory analysis of the data set provides interesting insights into methodological trends in travel demand modelling. For each valuation, over thirty quantitative and categorical variables were recorded and then included in a multivariate regression model to explain variations in the value of time. A large number of statistically significant effects were obtained from this meta-analysis, some of which are in marked contrast with, or not present in, our previous work. One finding that stands out is that the estimated elasticity of the value of time with respect to GDP per capita is 0.9 and highly significant, a much closer correspondence to the widely used convention of a unit income elasticity over time than we have previously obtained. The ratio between walk and wait time and in-vehicle time was found to be substantially lower than the commonly used value of two. We also found large and significant differences between the results from studies based on different types of Stated Preference survey presentation. Other important effects include variations by mode used, mode valued, travel purpose, attribute type and distance. It is envisaged that the results are of direct relevance in the British context, as inputs to appraisal or for benchmarking, whilst the methodological implications are of broader interest and the results, in terms of time equivalents and variations in values of time, can be transferred to other contexts.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 45 (2011)
Issue (Month): 1 (January)
|Contact details of provider:|| Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/547/description#description|
|Order Information:|| Postal: http://www.elsevier.com/wps/find/supportfaq.cws_home/regional|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- Brownstone, David & Small, Kenneth A., 2005.
"Valuing time and reliability: assessing the evidence from road pricing demonstrations,"
Transportation Research Part A: Policy and Practice,
Elsevier, vol. 39(4), pages 279-293, May.
- Brownstone, David & Small, Kenneth A., 2003. "Valuing Time and Reliability: Assessing the Evidence from Road Pricing Demonstrations," University of California Transportation Center, Working Papers qt95z0p35k, University of California Transportation Center.
- Wardman, Mark, 2004. "Public transport values of time," Transport Policy, Elsevier, vol. 11(4), pages 363-377, October.
- 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.
- Hans Kremers & Peter Nijkamp & Piet Rietveld, 2000.
"A Meta-Analysis of Price Elasticities of Transport Demand in a General Equilibrium Framework,"
Tinbergen Institute Discussion Papers
00-060/3, Tinbergen Institute.
- Kremers, Hans & Nijkamp, Peter & Rietveld, Piet, 2002. "A meta-analysis of price elasticities of transport demand in a general equilibrium framework," Economic Modelling, Elsevier, vol. 19(3), pages 463-485, May.
- David A. Hensher, 2006. "How do respondents process stated choice experiments? Attribute consideration under varying information load," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(6), pages 861-878.
- Axhausen, Kay W. & Hess, Stephane & König, Arnd & Abay, Georg & Bates, John J. & Bierlaire, Michel, 2008. "Income and distance elasticities of values of travel time savings: New Swiss results," Transport Policy, Elsevier, vol. 15(3), pages 173-185, May.
- Hensher, David A., 2008. "Assessing systematic sources of variation in public transport elasticities: Some comparative warnings," Transportation Research Part A: Policy and Practice, Elsevier, vol. 42(7), pages 1031-1042, August.
When requesting a correction, please mention this item's handle: RePEc:eee:transa:v:45:y:2011:i:1:p:1-17. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.