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Value of time by time of day: A stated-preference study

  • Tseng, Yin-Yen
  • Verhoef, Erik T.

This paper proposes an alternative, dynamic framework for estimating time-varying values of travel time savings and values of schedule delay, in which time-preferences are represented as the time-varying excess-willingness-to-pay (EWPT) to being in the one location, over being elsewhere. It is shown how the conventional linear model, with time-independent values of travel time savings and schedule delay costs, is a special case of our model, and that it is implausible particularly in that it implicitly assumes that the willingness to pay for spending a minute at home instead of being in the vehicle does not vary by time of day, even not for very early departures. The framework is applied to SP data representing the respondents' departure time choices for the morning commute. The results suggest that individuals' time-related shadow prices indeed vary strongly over the morning peak, and values of travel time savings are consequently strongly time-dependent, following plausible and intuitive patterns.

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Article provided by Elsevier in its journal Transportation Research Part B: Methodological.

Volume (Year): 42 (2008)
Issue (Month): 7-8 (August)
Pages: 607-618

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Handle: RePEc:eee:transb:v:42:y:2008:i:7-8:p:607-618
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  1. Arnott, Richard & de Palma, Andre & Lindsey, Robin, 1993. "A Structural Model of Peak-Period Congestion: A Traffic Bottleneck with Elastic Demand," American Economic Review, American Economic Association, vol. 83(1), pages 161-79, March.
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  3. Bates, John J, 1987. "Measuring Travel Time Values with a Discrete Choice Model: A Note," Economic Journal, Royal Economic Society, vol. 97(386), pages 493-98, June.
  4. 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.
  5. David Revelt & Kenneth Train, 1998. "Mixed Logit With Repeated Choices: Households' Choices Of Appliance Efficiency Level," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 647-657, November.
  6. Lothlorien Redmond & Patricia Mokhtarian, 2001. "The positive utility of the commute: modeling ideal commute time and relative desired commute amount," Transportation, Springer, vol. 28(2), pages 179-205, May.
  7. DeSerpa, A C, 1971. "A Theory of the Economics of Time," Economic Journal, Royal Economic Society, vol. 81(324), pages 828-46, December.
  8. Vickrey, William S, 1969. "Congestion Theory and Transport Investment," American Economic Review, American Economic Association, vol. 59(2), pages 251-60, May.
  9. Kenneth A. Small & Clifford Winston & Jia Yan, 2005. "Uncovering the Distribution of Motorists' Preferences for Travel Time and Reliability," Econometrica, Econometric Society, vol. 73(4), pages 1367-1382, 07.
  10. Small, Kenneth A, 1982. "The Scheduling of Consumer Activities: Work Trips," American Economic Review, American Economic Association, vol. 72(3), pages 467-79, June.
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