Comparing short- and long-term values of travel time savings derived from a joint modelling framework
Axhausen, Kay W.
- Working Paper
Rights / licenseIn Copyright - Non-Commercial Use Permitted
The value of travel time is an important element of cost-benefit analysis for appraisal of trans- portation project, by encapsulating the willingness to pay of the population for improvements in the transport system. Those values are typically obtained from mobility choice data, in the form of revealed or stated preference surveys. Although short term decisions, such as route and mode choice, are typically used for this purpose, a growing number of authors is arguing that long term decisions might provide more meaningful values for the evaluation of transportation projects. This paper uses the German Value of Time Study, that contains both short and long term choice experiments, to investigate the impact of different time horizons on the valuation of time. In particular, the availability in the dataset of two different long term experiments (residential and workplace choice) allow to evaluate not only the impact of the time horizon, but of the type of long term decision. Using a joint model including all relevant choice situations, this paper investigates the difference in the valuation of time coming from different kind of choice experiments. The results show that the chosen time horizon does have a significant effect on the valuation of travel time and cost. Another finding is that the type of long term decision and the structure of the choice experiment itself also influence the valuation Show more
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Journal / seriesArbeitsberichte Verkehrs- und Raumplanung
PublisherIVT ETH Zurich
Organisational unit03521 - Axhausen, Kay W. / Axhausen, Kay W.
02226 - NSL - Netzwerk Stadt und Landschaft / NSL - Network City and Landscape
02655 - Netzwerk Stadt und Landschaft D-ARCH
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Is previous version of: http://hdl.handle.net/20.500.11850/204595
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