Journal Article•
The value of travel time. a review of british evidence
TL;DR: In this paper, a regression model has been developed to explain variations in the value of time across studies, and the author reports on a review of variations within specific studies, with reference to work conducted elsewhere.
Abstract: This paper reviews British evidence regarding the value of travel time available from models developed since 1980. There are two main aspects to the review. First, a regression model has been developed to explain variations in the value of time across studies. Second, the author reports on a review of variations in the value of time within specific studies. The review also places the research in historical perspective, with reference to work conducted elsewhere. (A)
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Book•
01 Jan 1992TL;DR: The global travel demand for transportation services is expected to grow at a faster pace than the rate of the global economy in the coming years, according to research published in the International Journal of Transportation and Logistics.
Abstract: 1 Introduction 2 Travel Demand 3 Costs 4 Pricing 5 Investment 6 Industrial Organization of Transportation Providers 7 Conclusion
888 citations
TL;DR: In this paper, a meta-analysis of a very large data set of British empirical evidence was carried out and a large number of methodological and policy relevant results emerged, some of which challenge established conventions, and the implications for value of time recommendations, policy and further research are spelt out.
592 citations
Cites methods from "The value of travel time. a review ..."
...This review demonstrates the need for further research, which here takes the form of metaanalysis, an increasingly used technique (Baaijens and Nijkamp, 2000; Button et al.,1999; Nijkamp and Pepping, 1998; Van den Bergh, 1999; Wardman, 1998a, 2001a) whose attractions are set out in section 3....
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TL;DR: In this article, the present state of meta-analysis in environmental economics and recommendations for its future use are discussed, motivated by the 2006 report of a Work Group appointed by the Environmental Protection Agency (EPA).
Abstract: Motivated by the 2006 report of a Work Group appointed by the Environmental Protection Agency (EPA), this paper examines the present state of meta-analysis in environmental economics and offers recommendations for its future use. To this end we summarize and assess 140 meta-analyses from 125 published and unpublished studies, covering 17 topical categories in environmental and resource economics. First, we provide several generic meta-analysis models as reference points and discuss major estimation issues. Five econometric issues are identified as part of a complete analysis: (1) sample selection criteria; (2) basic data summary; (3) primary data heterogeneity; (4) heteroskedasticity; and (5) non-independence of multiple observations from primary studies. Second, a tabular summary is presented for the 140 meta-analyses with respect to estimation methods. Third, a narrative summary is presented for 19 meta-analyses, including the three value-of-statistical-life studies examined by the EPA Work Group and one analysis from each of 16 other categories. Fourth, we offer a set of “best practice” guidelines for future meta-analyses in this and other areas of economics. Last, the paper comments on the use of meta-analytic methods for benefit transfers of environmental values.
487 citations
TL;DR: A large amount of evidence has been amassed in Great Britain on the values of time and a wide range of service quality attributes, including in-vehicle time, walk time, wait time, service headway, interchange, departure time adjustments, search time, late time and time spent in congested traffic conditions as mentioned in this paper.
Abstract: A large amount of evidence has been amassed in Great Britain on the values of time and a wide range of service quality attributes This paper reports meta-analysis of a large number of valuations of these attributes, including in-vehicle time, walk time, wait time, service headway, interchange, departure time adjustments, search time, late time and time spent in congested traffic conditions This analysis yields insights into methodological issues, supports the appraisal of widely used conventions, can be used to provide estimated valuations for situations where none exist, and allows the assessment of particular findings against a large body of empirical evidence The research findings challenge several conventions and provide a number of practical recommendations regarding the valuations of time and service quality to use in appraisal and areas for future research
411 citations
TL;DR: In this paper, the basic theories of private and social travel time valuation are set out and the main conclusions are that time is a scarce resource and should be valued but that direct use of willingness to pay values is inappropriate for social appraisal of projects.
Abstract: Values of travel time enter the appraisal scheme both as values for modelling and forecasting and as values for use within project evaluation. This paper considers whether and how travel time values should be used within evaluation. The basic theories of private and social travel time valuation are set out. Issues such as the valuation of working time savings, the case for segmenting values by journey purpose and length, sign and size of time savings and mode of travel, and the income elasticity of the value of time, are reviewed. Two of the main conclusions are that time is a scarce resource and should be valued but that direct use of willingness to pay values is inappropriate for social appraisal of projects. Some form of social weighting scheme is required.
386 citations
Cites background from "The value of travel time. a review ..."
...Hundreds, if not thousands, of studies have been undertaken from which behavioural values of travel time can be deduced (for a review see Wardman, 1998)....
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References
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8,129 citations
TL;DR: Conjoint measurement is a new development in mathematical psychology that can be used to measure the joint effects of a set of independent variables on the ordering of a dependent variable.
Abstract: Conjoint measurement is a new development in mathematical psychology that can be used to measure the joint effects of a set of independent variables on the ordering of a dependent variable. In this...
1,287 citations
TL;DR: In this paper, the authors examine the formation of travel demand models and economic evaluation measures which are mutually consistent within a theory of rational choice, and a consideration of the structure of models which are representations of the trip decision process over several dimensions: location, mode, and route.
Abstract: This paper examines a variety of issues within the context of two main themes: the formation of travel demand models and economic evaluation measures which are mutually consistent within a theory of rational choice; and a consideration of the structure of models which are representations of the trip decision process over several dimensions: location, mode, and route. Random utility theory is invoked to explore both the role and properties of composite costs or index prices in the ‘recursive’ approach to the structuring of travel choice models, and their significance in the economic evaluation problem. It is shown that the specification of these costs must be made very precisely, with respect to the demand model form chosen, in order to retain the underlying assumption that the traveller is an optimal decisionmaker. It is argued that the structure of ‘simultaneous’ models currently in use is inconsistent with the form of utility function assumed to generate those models. Furthermore, it is shown that the ‘...
1,019 citations
Journal Article•
TL;DR: In this article, the authors used stated preference experiments to compare the values of time derived from revealed preference and stated preference models of travel behavior and found that stated preferences provide an accurate guide to individuals actual preferences.
Abstract: Contributes to the issue of the validity of using stated preference experiments by comparing the values of time derived from revealed preference and stated preference models of travel behavior. A particular feature of the analysis is the comparison of values of time which stratified by a number of relevant socioeconomic factors. This allows a more detailed assessment of the stated preference responses than is possible by just comparing the overall values derived. The results suggest that stated preferences provide an accurate guide to individuals actual preferences.
276 citations