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Value of Time for Commercial Vehicle Operators

Listed author(s):
  • Brian Smalkoski
  • David Levinson


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

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.

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Paper provided by University of Minnesota: Nexus Research Group in its series Working Papers with number 200501.

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Date of creation: 2005
Publication status: Published in Journal of the Transportation Research Forum . 44:1 89-102.
Handle: RePEc:nex:wpaper:truckvalueoftime
Contact details of provider: Postal:
Dept. of Civil Engineering, 500 Pillsbury Drive SE, Minneapolis, MN 55455

Phone: +01 (612) 625-6354
Fax: +01 (612) 626-7750
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References listed on IDEAS
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  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, August.
  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.
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