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Behind the Subjective Value of Travel Time Savings

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  • Sergio R. Jara-Diaz
  • Cristián A. Guevara

Abstract

Many travel choice models estimated throughout the world have been used to calculate the full value of travel time savings. Its components, however, have never been estimated quantitatively. This article takes into consideration the fact that travel (mode) choice and activity demand models come from a common microeconomic framework such that their specifications are linked. The authors show that estimating both types of models from the same population makes it possible to obtain all components of the subjective value of travel time savings empirically because the models share some common parameters. This novel approach is experimentally applied using information on travel choices and homework activities for two income groups collected in Santiago, Chile. © The London School of Economics and the University of Bath 2003

Suggested Citation

  • Sergio R. Jara-Diaz & Cristián A. Guevara, 2003. "Behind the Subjective Value of Travel Time Savings," Journal of Transport Economics and Policy, University of Bath, vol. 37(1), pages 29-46, January.
  • Handle: RePEc:tpe:jtecpo:v:37:y:2003:i:1:p:29-46
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    2. repec:eee:transb:v:106:y:2017:i:c:p:153-172 is not listed on IDEAS
    3. Héctor López-Ospina & Francisco Martínez & Cristián Cortés, 2015. "A time-hierarchical microeconomic model of activities," Transportation, Springer, vol. 42(2), pages 211-236, March.
    4. Banerjee, Ipsita & Kanafani, Adib, 2008. "The Value of Wireless Internet Connection on Trains: Implications for Mode-Choice Models," University of California Transportation Center, Working Papers qt3bv6g5pm, University of California Transportation Center.
    5. Batarce, Marco & Ivaldi, Marc, 2014. "Urban travel demand model with endogenous congestion," Transportation Research Part A: Policy and Practice, Elsevier, vol. 59(C), pages 331-345.
    6. Larson, Douglas M. & Lew, Daniel K., 2005. "Measuring the utility of ancillary travel: revealed preferences in recreation site demand and trips taken," Transportation Research Part A: Policy and Practice, Elsevier, vol. 39(2-3), pages 237-255.
    7. Jara-Díaz, Sergio R. & Astroza, Sebastian & Bhat, Chandra R. & Castro, Marisol, 2016. "Introducing relations between activities and goods consumption in microeconomic time use models," Transportation Research Part B: Methodological, Elsevier, vol. 93(PA), pages 162-180.
    8. Tscharaktschiew, Stefan & Hirte, Georg, 2009. "An urban general equilibrium model with multiple household structures and travel mode choice," MPRA Paper 17697, University Library of Munich, Germany.
    9. Bhat, Chandra R., 2005. "A multiple discrete-continuous extreme value model: formulation and application to discretionary time-use decisions," Transportation Research Part B: Methodological, Elsevier, vol. 39(8), pages 679-707, September.
    10. Börjesson, Maria & Eliasson, Jonas, 2012. "The value of time and external benefits in bicycle appraisal," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(4), pages 673-683.
    11. Xinkai Wu & David Levinson & Henry Liu, 2008. "Perception of Waiting Time at Signalized Intersections," Working Papers 200909, University of Minnesota: Nexus Research Group.
    12. Börjesson, Maria & Eliasson, Jonas, 2014. "Experiences from the Swedish Value of Time study," Transportation Research Part A: Policy and Practice, Elsevier, vol. 59(C), pages 144-158.
    13. Nagel Kai & Grether Dominik & Beuck Ulrike & Chen Yu & Rieser Marcel & Axhausen Kay W., 2008. "Multi-Agent Transport Simulations and Economic Evaluation," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 228(2-3), pages 173-194, April.
    14. repec:kap:transp:v:44:y:2017:i:5:d:10.1007_s11116-016-9689-3 is not listed on IDEAS
    15. repec:eee:transb:v:104:y:2017:i:c:p:667-685 is not listed on IDEAS

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