2003•Unpublished venueRequires access

Variations of Value of Travel Time Savings

Meilan Jiang, Takayuki Morikawa

Abstract

This paper theoretically and empirically examines variations of value of travel time savings in the intra-city travel. A time allocation model in mode or route choice case is presented. The concept of value of travel time savings is concluded from the proposed time allocation model and its variations are discussed. The appropriate functional form of discrete choice model is derived from the time allocation model. SP data related to the choice between a tolled route and a free route provides data source for the case study. Estimation results show the changes of value of travel time savings with travel time and individual socio-economic characteristics.

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Key concepts: Value of time, Travel time, Value (mathematics), Time value of money, Time allocation, Econometrics, Economics, Mode (computer interface)