|Title:||VALUE OF TRAVEL TIME SAVINGS IN PERSONAL AND COMMERCIAL AUTOMOBILE TRAVEL|
|Authors:||Hensher, David A.|
|Abstract:||This paper reviews the broad literature on the value of travel time savings. Specific consideration is given to the economic theoretic foundations and their translation into suitable empirical models; the distinction between behavioural, resource and equity values; and the sources of variability in empirical values. We detail the merits of the stated preference approach when the interest is on the empirical specification of a valuation function in contrast to a single mean estimate of the value of travel time savings. A case study related to the choice between a tolled and a free urban route is presented as a framework within which to illustrate how economic theory and experimental design can be combined to improve the evidence on behavioural values of travel time savings in a number of travel market segments.|
|Type of Work:||Working Paper|
|Appears in Collections:||ITLS Working Papers 1995|
|ITS-WP-95-4.PDF||197.01 kB||Adobe PDF|
Items in Sydney eScholarship Repository are protected by copyright, with all rights reserved, unless otherwise indicated.