scholarly journals Estimating the Value of Time and Its Application

2017 ◽  
Vol 2 (2) ◽  
Author(s):  
Lasmini Ambarwati ◽  
Amelia K Indraistuti ◽  
Pretiwindya Kusumawardhani
Keyword(s):  
Travel Time ◽  
Public Transport ◽  
Mode Choice ◽  
Transport Infrastructure ◽  
Value Of Time ◽  
Transport Models ◽  
Travel Time Savings ◽  
Time Savings ◽  
Willingness To Use ◽  
Choice Approach

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.

scholarly journals Der Wert der Reisezeit deutscher Pendler

2013 ◽  
Vol 14 (1-2) ◽  
pp. 118-131 ◽  
Author(s):  
Andy Obermeyer ◽  
Christos Evangelinos ◽  
Andreas Besherz
Keyword(s):  
Travel Time ◽  
Random Parameter ◽  
Transport Infrastructure ◽  
Travel Time Savings ◽  
German City ◽  
Time Savings

AbstractTravel time savings are usually the most important utility component of transport projects. This paper shows estimation of the value of travel time savings (VTTS) with particular focus on random parameter models. Employing these models commuters’ VTTS in the German City Dresden is estimated. Results show that travel time savings of motorised and non-motorised modes are valued differently, VTTS derived in this study are higher than values currently used in Germany’s federal transport infrastructure plan and VTTS are dependent on travel time.

scholarly journals Travel Time Cost for Private Car in Bumi Serpong Damai (BSD) City: Income and Mode Choice Approach

2017 ◽  
Vol 4 (2) ◽  
pp. 99
Author(s):  
Resdiansyah Mansyur ◽  
Fredy Jhon Philip.S
Keyword(s):  
Travel Time ◽  
Stated Preference ◽  
Mode Choice ◽  
Background Information ◽  
Value Of Time ◽  
Operational Cost ◽  
Time Cost ◽  
Income Approach ◽  
Private Car ◽  
Choice Approach

Abstract : Travel time cost is one of the primary aspects that considered, especially with respect to its economic impact. To account for the increment of road users, often travel time cost has to be highlighted and further investigated. One technique to compute travel time costs is by using travel time evaluation as a loss opportunity that used to produce traveling needs. The aim of the study is to compute travel time cost for the private transportation users in BSD City by employing two methodologies. Income approach is the first method, which requires only two factors to be computed (capital income and amount of annual working hour assuming that time used to produce one product as function of personal income). For mode choice approach, the method uses the travel time cost from the model to estimate the choices comparison from the specified mode traffic. In this model, comparisons of choices are assumed as a function of two independent variables; operational cost and time cost. Travel time cost is defined as the comparison between parameter of travel time cost against the operational cost. Additionally, the study adopted stated preference techniques surveys, which have been undertaken in BSD town area to derive the travel time cost. The survey focused on the private car passengers where background information collected were traveling distance, time of travel, journey characteristics, education level, employment and income of the respondents respectively. Subjects were asked to choose between different scenarios of mode choices. For income approach method, the results showed that the travel time cost for the private transport commuters was Rp 6,272 / hour/ person and Rp. 11,828 / hour / person by using mode choice approach. It was found that the value of time has increased as the income increases. Thus, value of time is significant in accounting for personal income.Keywords : Income, Mode Choice, Stated Preference

scholarly journals Study on the Selection Model of Staying Adjustment Bus Lines along Rail Transit

2020 ◽  
Vol 2020 ◽  
pp. 1-12 ◽  
Author(s):  
Jie Cui ◽  
Yueer Gao ◽  
Jing Cheng ◽  
Lei Shi
Keyword(s):  
Decision Making ◽  
Travel Time ◽  
Public Transport ◽  
Traffic Congestion ◽  
Urban Traffic ◽  
Gps Data ◽  
Rail Transit ◽  
Travel Time Savings ◽  
Time Savings ◽  
Selection Of

To fully achieve effective rail transit, prevent the waste of conventional bus capacity along a rail transit line, and relieve the urban traffic congestion problem, it is necessary to screen for the adjustment of conventional bus lines prior to the operation of rail transit to provide a basis for further optimization of bus lines. Based on the analysis of spatial relationships between a rail transit line and conventional collinear bus lines and considering the time advantage characteristics of rail transit in rush hours, a model of the generalized travel time costs and travel time savings proportion in the collinear section of rail transit and bus was proposed. To evaluate the utility of rail transit relative to conventional bus collinear lines, the conventional bus lines to be adjusted were determined. Taking Xiamen as an example, the bus lines of Hubin East Road Station as the endpoint of metro line 1 were employed to calculate the model using GPS data of the buses, and the bus lines to be adjusted in the Hubin East Road were determined. The results show that the model is effective in the elastic selection of conventional bus lines that need to be adjusted and provides decision-making support for urban comprehensive public transport planning.

Die ökonomische Bewertung kleiner Reisezeiteinsparungen / The Economic Valuation of Small Travel Time Savings

2014 ◽  
Vol 234 (1) ◽  
Author(s):  
Andy Obermeyer ◽  
Bernhard Wieland ◽  
Christos Evangelinos
Keyword(s):  
Travel Time ◽  
Economic Valuation ◽  
Discrete Choice Models ◽  
Small Time ◽  
Transport Infrastructure ◽  
Evaluation Methodology ◽  
Time Saving ◽  
Travel Time Savings ◽  
Infrastructure Project ◽  
Time Savings

SummaryTravel time savings are usually the most important utility component in transport infrastructure project evaluation. One of the controversial issues in research on the valuation of travel time savings is the assessment of small time savings. This article goes into this matter with specific focus on indifference thresholds in discrete choice models. Our research shows, if such thresholds exist, valuation of time savings should be differentiated according to the size of the time saving. In particular, small time savings should be valued at a lower rate than large ones. Consequences and criticism regarding this procedure are discussed. We find similarities to the currently applied evaluation methodology in the German Federal Infrastructure Plan.

scholarly journals The role of unpaid domestic work in explaining the gender gap in the (monetary) value of leisure

2021 ◽  
Author(s):  
Simona Jokubauskaitė ◽  
Reinhard Hössinger ◽  
Sergio Jara-Díaz ◽  
Stefanie Peer ◽  
Alyssa Schneebaum ◽  
...  
Keyword(s):  
Travel Time ◽  
Gender Gap ◽  
Time Use ◽  
Public Transport ◽  
Domestic Work ◽  
Online Data ◽  
Wage Rates ◽  
Novel Treatment ◽  
Unpaid Labor ◽  
Travel Time Savings

AbstractThe value of travel time savings (VTTS) representing the willingness to pay to reduce travel time, consists of two components: the value of liberating time [equal to the value of leisure (VoL)] and the value of time assigned to travel (VTAT), representing the travel conditions of a trip. Their relative values indicate which dimension to emphasize when investing in transport: speed or comfort. In this paper, we formulate and estimate a framework aimed at the improvement in the estimation of the VoL. By introducing a novel treatment of time assigned to domestic work, we consider that unpaid labor should be assigned a wage rate as a measure of the expenses avoided when assigning time to those chores. We use state-of-the-art data on time use and expenses as well as online data on gig workers collected in Austria, and apply the time-use and expenditure model of Jara-Diaz et al. (Transp Res Part B 42(10):946–957, 2008). The wage rates for paid and unpaid work were combined to re-formulate the budget constraint, which affected women more than men due to the higher involvement of the former in domestic activities. Compared against the original estimation, the VoL changed from €10/h for men and €6/h for women to €9/h for both genders, which in turn yields a larger average VTAT, which becomes positive for public transport. As a conclusion, the novel treatment of domestic labor contributes to closing the gap in the VoL between genders and highlights the power of unveiling the components behind the VTTS. The empirical findings imply that investments in travel time reductions rather than in comfort should be prioritized, given the very good conditions of public transport in Austria.

Using GTFS to Calculate Travel Time Savings Potential of Bus Preferential Treatments

2021 ◽  
pp. 036119812110092
Author(s):  
Daniel Arias ◽  
Kara Todd ◽  
Jennifer Krieger ◽  
Spencer Maddox ◽  
Pearse Haley ◽  
...  
Keyword(s):  
Travel Time ◽  
Planning Process ◽  
Operating Cost ◽  
Flow Characteristics ◽  
Travel Time Savings ◽  
Bus Lane ◽  
Time Savings ◽  
Bus Network ◽  
Bus Networks ◽  
Transit Agencies

Dedicated bus lanes and other transit priority treatments are a cost-effective way to improve transit speed and reliability. However, creating a bus lane can be a contentious process; it requires justification to the public and frequently entails competition for federal grants. In addition, more complex bus networks are likely to have unknown locations where transit priority infrastructure would provide high value to riders. This analysis presents a methodology for estimating the value of bus preferential treatments for all segments of a given bus network. It calculates the passenger-weighted travel time savings potential for each inter-stop segment based on schedule padding. The input data, ridership data, and General Transit Feed Specification (GTFS) trip-stop data are universally accessible to transit agencies. This study examines the 2018 Metropolitan Atlanta Rapid Transit Authority (MARTA) bus network and identifies a portion of route 39 on Buford Highway as an example candidate for a bus lane corridor. The results are used to evaluate the value of time savings to passengers, operating cost savings to the agency, and other benefits that would result from implementing bus lanes on Buford Highway. This study does not extend to estimating the cost of transit priority infrastructure or recommending locations based on traffic flow characteristics. However, it does provide a reproducible methodology to estimate the value of transit priority treatments, and it identifies locations with high value, all using data that are readily available to transit agencies. Conducting this analysis provides a foundation for beginning the planning process for transit priority infrastructure.

scholarly journals The value of travel time savings in freight transport: a meta-analysis

2021 ◽  
Author(s):  
Jawaher Binsuwadan ◽  
Gerard De Jong ◽  
Richard Batley ◽  
Phill Wheat
Keyword(s):  
Travel Time ◽  
Cost Benefit Analysis ◽  
Meta Analysis ◽  
Cost Benefit ◽  
Freight Transport ◽  
Survey Respondent ◽  
Analysis Method ◽  
Marginal Rate ◽  
Travel Time Savings ◽  
Time Savings

AbstractThe value of freight travel time savings (VFTTS) is a monetary value that is considered an important input into cost–benefit analysis and traffic forecasting. The VFTTS is defined as the marginal rate of substitution between travel time and cost and may therefore differ across firms, time and countries. The paper aims to explain variations in the VFTTS by using the meta-analysis method. The analysis covers 106 monetary valuations extracted from 56 studies conducted from 1988 to 2018 in countries across the globe. The meta-analysis method determines the factors that have an impact on these VFTTS variations. The paper briefly introduces the VFTTS concept and describes the adopted meta-analysis methodology, wherein different meta-models are used in VFTTS estimations. The results highlight the necessity of including multiple explanatory variables to ensure adequate explanation of the VFTTS variations. The findings also show that GDP per capita, transport mode and type of survey respondent are statistically significant variables. The paper sheds some light on the variations, thereby advancing the understanding of each factor’s effects on the VFTTS. Furthermore, meta-model outcomes are used to generate new values of travel time savings for different transport modes in freight transport, for several countries. These implied VFTTS can be used as benchmarks to assess existing evidence or provide new evidence to countries where no such values exist.

scholarly journals The effect of health benefits on the value of travel time savings in active transport

2021 ◽  
Vol 21 ◽  
pp. 101074
Author(s):  
Stefan Flügel ◽  
Knut Veisten ◽  
Hanne Beate Sundfør ◽  
Guri Natalie Jordbakke ◽  
Nina Hulleberg ◽  
...  
Keyword(s):  
Travel Time ◽  
Active Transport ◽  
Health Benefits ◽  
Travel Time Savings ◽  
Time Savings
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