IDEAS home Printed from https://ideas.repec.org/p/nex/wpaper/truckvalueoftime.html
   My bibliography  Save this paper

Value of Time for Commercial Vehicle Operators

Author

Listed:
  • Brian Smalkoski
  • David Levinson

    () (Nexus (Networks, Economics, and Urban Systems) Research Group, Department of Civil Engineering, University of Minnesota)

Abstract

The spring load restriction policy of Minnesota has been in effect for over 50 years with little consideration given to the cost that it imposes on the freight industry. A cost-benefit study was recently commissioned to examine the policy. The cost-benefit analysis required a precise estimate of the value of time for commercial vehicle operators in Minnesota. An estimate was not available from previous studies, or from previous data. The necessary revealed preference (RP) information does not exist, and relevance of previous studies was questioned based on the differences in geographic location and the age of data used to construct the estimates. A sample was constructed from several trucking industry sources to conduct a survey. Interviews were conducted using an adaptive stated preference (ASP) survey to derive an estimate to the nearest dollar. A tobit model was fit to the data from the interviews to derive the estimate for value of time. A mean of $49.42 was found, with a 95 percent confidence interval from $40.45 to $58.39. Variation in the distribution of values is largely undetermined, with the exception of fleet operation, whether it is a for-hire truck fleet, or a private truck fleet.

Suggested Citation

  • Brian Smalkoski & David Levinson, 2005. "Value of Time for Commercial Vehicle Operators," Working Papers 200501, University of Minnesota: Nexus Research Group.
  • Handle: RePEc:nex:wpaper:truckvalueoftime
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/11299/179925
    File Function: First version, 2007
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Kawamura, Kazuya, 1999. "Commercial Vehicle Value of Time and Perceived Benefit of Congestion Pricing," University of California Transportation Center, Working Papers qt4pz727p6, University of California Transportation Center.
    2. Brownstone, David & Ghosh, Arindam & Golob, Thomas F. & Kazimi, Camilla & Van Amelsfort, Dirk, 2003. "Drivers' willingness-to-pay to reduce travel time: evidence from the San Diego I-15 congestion pricing project," Transportation Research Part A: Policy and Practice, Elsevier, vol. 37(4), pages 373-387, May.
    3. Golob, Thomas F. & Regan, A C, 2002. "Trucking Industry Adoption of Information Technology: A Structural Multivariate Probit Model," University of California Transportation Center, Working Papers qt9w1988t7, University of California Transportation Center.
    4. Lam, Terence C. & Small, Kenneth A., 0. "The value of time and reliability: measurement from a value pricing experiment," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 37(2-3), pages 231-251, April.
    5. Rico Maggi & Simona Bolis, 1998. "Adaptive stated preference analysis of shippers? transport and logistics choice," ERSA conference papers ersa98p496, European Regional Science Association.
    6. Louviere,Jordan J. & Hensher,David A. & Swait,Joffre D., 2000. "Stated Choice Methods," Cambridge Books, Cambridge University Press, number 9780521788304, May.
    7. James Tobin, 1956. "Estimation of Relationships for Limited Dependent Variables," Cowles Foundation Discussion Papers 3R, Cowles Foundation for Research in Economics, Yale University.
    8. Small, Kenneth A., 1993. "Congestion Pricing: New Life for an Old Idea?," University of California Transportation Center, Working Papers qt4fv3116k, University of California Transportation Center.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Chen, T. Donna & Kockelman, Kara M. & Zhao, Yong, 2015. "What Matters Most in Transportation Demand Model Specifications: A Comparison of Outputs in a Mid-size Network," Journal of the Transportation Research Forum, Transportation Research Forum, vol. 54(2).
    2. Smalkoski, Brian & Li, Ning & Levinson, David, 2006. "Economic Effects of Lifting the Spring Load Restriction Policy in Minnesota," Journal of the Transportation Research Forum, Transportation Research Forum, vol. 45(2).
    3. Welch, Timothy F. & Mishra, Sabyasachee, 2014. "A framework for determining road pricing revenue use and its welfare effects," Research in Transportation Economics, Elsevier, vol. 44(C), pages 61-70.
    4. Tilahun, Nebiyou Y. & Levinson, David M. & Krizek, Kevin J., 2007. "Trails, lanes, or traffic: Valuing bicycle facilities with an adaptive stated preference survey," Transportation Research Part A: Policy and Practice, Elsevier, vol. 41(4), pages 287-301, May.

    More about this item

    JEL classification:

    • R40 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - General
    • R42 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government and Private Investment Analysis; Road Maintenance; Transportation Planning
    • R48 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government Pricing and Policy
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nex:wpaper:truckvalueoftime. 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: (David Levinson). General contact details of provider: http://edirc.repec.org/data/nexmnus.html .

    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 CitEc recognized a reference but did not link an item in RePEc 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.