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The value of travel time variance

  • Fosgerau, Mogens
  • Engelson, Leonid

This paper considers the value of travel time variability under scheduling preferences that are defined in terms of linearly time varying utility rates associated with being at the origin and at the destination. The main result is a simple expression for the value of travel time variability that does not depend on the shape of the travel time distribution. The related measure of travel time variability is the variance of travel time. These conclusions apply equally to travellers who can freely choose departure time and to travellers who use a scheduled service with fixed headway. Depending on parameters, travellers may be risk averse or risk seeking and the value of travel time may increase or decrease in the mean travel time.

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

Volume (Year): 45 (2011)
Issue (Month): 1 (January)
Pages: 1-8

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Handle: RePEc:eee:transb:v:45:y:2011:i:1:p:1-8
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  1. Vickrey, William S, 1969. "Congestion Theory and Transport Investment," American Economic Review, American Economic Association, vol. 59(2), pages 251-60, May.
  2. 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.
  3. Zhang, Xiaoning & Yang, Hai & Huang, Hai-Jun & Zhang, H. Michael, 2005. "Integrated scheduling of daily work activities and morning-evening commutes with bottleneck congestion," Transportation Research Part A: Policy and Practice, Elsevier, vol. 39(1), pages 41-60, January.
  4. DeSerpa, A C, 1971. "A Theory of the Economics of Time," Economic Journal, Royal Economic Society, vol. 81(324), pages 828-46, December.
  5. Fosgerau, Mogens & Karlström, Anders, 2007. "The value of reliability," MPRA Paper 5733, University Library of Munich, Germany.
  6. Wang, James Jixian, 1996. "Timing utility of daily activities and its impact on travel," Transportation Research Part A: Policy and Practice, Elsevier, vol. 30(3), pages 189-206, May.
  7. Fosgerau, Mogens, 2009. "The marginal social cost of headway for a scheduled service," Transportation Research Part B: Methodological, Elsevier, vol. 43(8-9), pages 813-820, September.
  8. Tseng, Yin-Yen & Verhoef, Erik T., 2008. "Value of time by time of day: A stated-preference study," Transportation Research Part B: Methodological, Elsevier, vol. 42(7-8), pages 607-618, August.
  9. Small, Kenneth A, 1982. "The Scheduling of Consumer Activities: Work Trips," American Economic Review, American Economic Association, vol. 72(3), pages 467-79, June.
  10. 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.
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