A Review of the Value of Time: Evidence from British Experience



A Review of the Value of Time: Evidence from British Experience

Authors

WARDMAN M and MACKIE P, University of Leeds, UK

Description

This paper reports on a study conducted for the UK Department of Transport which has reviewed a large amount of empirieal evidence regarding the value of travel time. There were two strands to the research. The first involved the comparison of values of t

Abstract

This paper reports on a study conducted for the UK Department of Transport which has reviewed a large amount of empirieal evidence regarding the value of travel time. There were two strands to the research. The first involved the comparison of values of time across studies and developed a regression model to explain variations in the value of flme as a function of key variables. The second was based on an AnAlysis Of within study variations in the value of time according to the type of data used, the cost numeraire, funetioual form, group travel, mode, and purpose. This paper concentrates on the insights provided by the regression model and only briefly discusses the results of wjfhin study variations in the value of time. A riffler discussion of these latter issues, and of the characteristics of the value of time data set which was collected and trends in empirical research, are contained in Wardmau (1997).

The study was solely concerned with the value of in-vehicle time, although the reviewed studies provide a wealth of evidence on the valuations of other forms of time and service quality. It also restricted itself to estimates obtained from disaggregate behavioural models based on RP or SP data. However, we have not restricted the analysis to just those studies whose primary purpose was value of time estimation.

Publisher

Association for European Transport