A Meta-Analysis of the Value of Travel Time Savings Incorporating GDP Per Capita: Evidence from Japanese Passenger Travels

This paper conducts a meta-analysis of the value of travel time savings (VTTS) in Japan. The meta-analysis is based on 261 VTTS estimated from 68 peer-reviewed papers on travel behavior in Japan between 1979 and 2003. First, the basic characteristics of VTTS are analyzed on the basis of purpose of travel, weekday or weekend travel, type of data, urban or inter-urban travel, and attributes of travel. Regression analyses are then conducted on all VTTS estimates, together with those of urban travel and inter-urban travel. The analysis reveals that the VTTS estimated using the stated preference data are lower than those estimated with revealed preference data: (1) the VTTS of business travel is higher than that of home-to-school, private, and leisure travel and (2) the VTTS of access/egress time, wait time, and transfer time are higher than that of in-vehicle time. The authors also show that the VTTS of inter-urban travel is higher than that of urban travel. In addition, the VTTS elasticity of GDP per capita is estimated to be 0.55.