IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Anomalies in the Value of Travel-Time Changes

Listed author(s):
  • Lars Hultkrantz
  • Reza Mortazavi

Standard practice in econometric estimation of the value of travel-time changes divides travellers into market segments and assumes linear utility functions in each category. Here instead we derive a RUM-model from a second-order approximation to the utility function. The model is estimated by probit on data from a recent SP value-of-travel-time study. The influence of socio-economic variables, trip duration, and so on, on the value of travel-time changes is estimated and tested. Our conclusions differ in several ways from those of a previous study evaluating the same dataset with the conventional method. We find a considerably lower value of travel-time savings and signs of a cognitive threshold; respondents decline travel time savings smaller than 10-15 minutes irrespectively of the bid price. The non-linear approach also provides a convenient means for benefits transfer, that is, to calculate the mean value of time savings for a specific road project, depending on how it will be used, and by whom. ? The London School of Economics and the University of Bath 2001

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.

File URL:;1-
Download Restriction: Access to full text is restricted to subscribers.

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.

Article provided by University of Bath in its journal Journal of Transport Economics and Policy.

Volume (Year): 35 (2001)
Issue (Month): 2 (May)
Pages: 285-299

in new window

Handle: RePEc:tpe:jtecpo:v:35:y:2001:i:2:p:285-299
Contact details of provider: Web page:

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:tpe:jtecpo:v:35:y:2001:i:2:p:285-299. 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: (Christopher F. Baum)

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.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.