Estimating the Value of Time and Its Application

Values of travel time are essential factors in the design of transport infrastructure. The value of time is used in transport models to monetize travel time related to the socio-economic background of travelers. This paper assesses the estimation of the value of time based on questionnaires distributed to travelers in a preference survey. The mode choice approach is employed to estimate these values dependent on vehicle classes for weekdays and at the weekend. Two of the main conclusions using the mode choice approach are that the value of time for private vehicle users is approximately 1.5 times the value of time for public transport users; and the value of travel time on the weekday is twice that of the weekend. This indicates that public transport passengers have more travel time savings than when they use other modes. Another method, the income approach, arrives at similar values of time as that estimated by the mode choice approach. The willingness to use public transport in weekdays is increasing. As a consequence, public transport should be operated at a higher frequency.