Wardman, M, Chintakayala, VPK and De Jong, GC (2016) Values of travel time in Europe: Review and meta-analysis. Transportation Research Part A: Policy and Practice, 94. pp. 93-111. ISSN 0965-8564
Abstract
This paper reports the most extensive meta-analysis of values of time yet conducted, covering 3109 monetary valuations assembled from 389 European studies conducted between 1963 and 2011. It aims to explain how valuations vary across studies, including over time and between countries. In addition to the customary coverage of in-vehicle time in review studies, this paper covers valuations of walk time, wait time, service headway, parking space search time, departure time switching, time in congested traffic, schedule delay early and late, mean lateness and the standard deviation of travel time. Valuations are found to vary with type of time, GDP, distance, journey purpose, mode, the monetary numeraire and a number of factors related to estimation. Model output values of time compare favourably with earnings data, replicate well official recommended values obtained from major national studies, and are transferable across countries. These implied monetary values serve as very useful benchmarks against which new evidence can be assessed and the meta-model provides parameters and values for countries and contexts where there is no other such evidence.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2016 Elsevier Ltd. All rights reserved. This is an author produced version of a paper published in Transportation Research Part A: Policy and Practice. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Meta-analysis, Review of Values of Travel Time, European Values of Travel Time |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Management Division (LUBS) (Leeds) The University of Leeds > Faculty of Environment (Leeds) > Institute for Transport Studies (Leeds) > ITS: Economics and Discrete Choice (Leeds) |
Funding Information: | Funder Grant number European Investment Bank CC4124/PO41775 |
Depositing User: | Symplectic Publications |
Date Deposited: | 13 Sep 2016 11:00 |
Last Modified: | 11 Jan 2023 11:46 |
Published Version: | https://dx.doi.org/10.1016/j.tra.2016.08.019 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.tra.2016.08.019 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:104595 |