TY - JOUR
T1 - Value of travel time as a function of comfort
AU - Kouwenhoven, Marco
AU - de Jong, Gerard
PY - 2018
Y1 - 2018
N2 - The value of travel time can theoretically be defined as the opportunity cost of travel minus the direct utility from spending the time during the trip. This paper searches for empirical evidence to support this formulation. We show that travellers who indicate that a shorter trip duration is useful or a longer trip duration is very inconvenient have a higher value of travel time. Furthermore, we show that people who can spend their travel time usefully have a lower value of travel time. Finally, the availability of a computer, laptop etc. during the trip increases the probability of travel time being useful. This study determines the sizes of these effects in a case study for The Netherlands. This is important since the value of travel time is likely to change over time. The outcomes of this paper can be used to estimate the size of the expected reduction in value of travel time as a result of future comfort improvements that increase the possibility to work, read a book, watch a movie and communicate during a trip.
AB - The value of travel time can theoretically be defined as the opportunity cost of travel minus the direct utility from spending the time during the trip. This paper searches for empirical evidence to support this formulation. We show that travellers who indicate that a shorter trip duration is useful or a longer trip duration is very inconvenient have a higher value of travel time. Furthermore, we show that people who can spend their travel time usefully have a lower value of travel time. Finally, the availability of a computer, laptop etc. during the trip increases the probability of travel time being useful. This study determines the sizes of these effects in a case study for The Netherlands. This is important since the value of travel time is likely to change over time. The outcomes of this paper can be used to estimate the size of the expected reduction in value of travel time as a result of future comfort improvements that increase the possibility to work, read a book, watch a movie and communicate during a trip.
KW - Comfort
KW - Cost-benefit analysis
KW - Discrete choice model
KW - Value of travel time
UR - http://www.scopus.com/inward/record.url?scp=85049300436&partnerID=8YFLogxK
U2 - 10.1016/j.jocm.2018.04.002
DO - 10.1016/j.jocm.2018.04.002
M3 - Article
AN - SCOPUS:85049300436
SN - 1755-5345
VL - 28
SP - 97
EP - 107
JO - Journal of Choice Modelling
JF - Journal of Choice Modelling
ER -