Value of travel time and travel time reliability

Gerard de Jong, Marco Kouwenhoven

Research output: Chapter in Book/Conference proceedings/Edited volumeChapterScientificpeer-review

6 Citations (Scopus)

Abstract

The value of travel time is an important input to cost-benefit analysis of transport projects. Time gains are often one of the main benefits of transport projects, but they need to be converted from hours and minutes to money units, using a value of travel time. Many countries around the world have official values of travel time (by travel purpose, often also by mode) for this conversion. Only a few countries also include travel time reliability benefits in project appraisal, partly because of lack of values of travel time reliability, but mainly because of a lack of forecasting models that include travel time reliability. This chapter describes methods used for deriving the value of travel time and reliability and briefly discusses how to forecast time and reliability changes. Finally, some selected outcomes and suggestions for future research are presented. In this chapter, we focus on national value of travel time (and reliability) studies, that have been carried out especially in Europe, and that have been feeding into official appraisal guidelines.

Original languageEnglish
Title of host publicationAdvances in Transport Policy and Planning
EditorsNiek Mouter
PublisherElsevier
Pages43-74
Number of pages32
ISBN (Print)9780128208212
DOIs
Publication statusPublished - 2020

Publication series

NameAdvances in Transport Policy and Planning
Volume6
ISSN (Print)2543-0009
ISSN (Electronic)2542-9116

Keywords

  • Discrete choice
  • Logit model
  • Revealed preference
  • Stated preference
  • Value of reliability
  • Value of travel time
  • Value of travel time reliability
  • Value of travel time savings
  • Value of travel time variability

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