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2015•Unpublished venueRequires access

Impact Analysis of Personal Attributes on Estimating the Value of Travel Time Savings

Rui Zhang, Enjian Yao, Yue Qian

Open publisher page 1 citations

Abstract

Estimating travelers’ trade-off between travel cost and other attributes accurately is significant for transport planning and project investment appraisal. This study introduces the nested logit (NL) model that accounts for joint choice of route and transport modes. A willingness to pay (WTP) method combined with stated preference (SP) survey is presented to estimate the value of travel time savings (VTTS) under multifactor influence. The results confirm that various attributes (i.e. travel time and cost, walking and waiting time, frequency of left turns, income level, age and car ownership) do play a part in the estimation of the value of travel time savings. It is found that the VTTS for car is highest among the WTP values of interest. Furthermore, non-car owners are more sensitive to their income and the level of service of public transportation, and value their WTP for travel time and walking and waiting time lower compared to car owners.

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What this paper is about

Estimating travelers’ trade-off between travel cost and other attributes accurately is significant for transport planning and project investment appraisal. This study introduces the nested logit (NL) model that accounts for joint choice of route and transport modes. A willingness to pay (WTP) method combined with stated preference (SP) survey is presented to estimate the value of travel time savings (VTTS) under multifactor influence. The results confirm that various attributes (i.e. travel time and cost, walking and waiting time, frequency of left turns, income level, age and car ownership) do play a part in the estimation of the value of travel time savings. It is found that the VTTS for car is highest among the WTP values of interest. Furthermore, non-car owners are more sensitive to their income and the level of service of public transportation, and value their WTP for travel time and walking and waiting time lower compared to car owners.

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Available abstract

Estimating travelers’ trade-off between travel cost and other attributes accurately is significant for transport planning and project investment appraisal. This study introduces the nested logit (NL) model that accounts for joint choice of route and transport modes. A willingness to pay (WTP) method combined with stated preference (SP) survey is presented to estimate the value of travel time savings (VTTS) under multifactor influence. The results confirm that various attributes (i.e. travel time and cost, walking and waiting time, frequency of left turns, income level, age and car ownership) do play a part in the estimation of the value of travel time savings. It is found that the VTTS for car is highest among the WTP values of interest. Furthermore, non-car owners are more sensitive to their income and the level of service of public transportation, and value their WTP for travel time and walking and waiting time lower compared to car owners.

Key concepts: Value of time, Nested logit, Willingness to pay, Travel time, Preference, Value (mathematics), Econometrics, Mixed logit

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