Kouwenhoven, M and De Jong, G orcid.org/0000-0003-3405-6523 (2018) Value of Travel Time as a Function of Comfort. Journal of Choice Modelling, 28. pp. 97-107. ISSN 1755-5345
Abstract
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.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2018 Elsevier Ltd. All rights reserved. This is an author produced version of a paper published in Journal of Choice Modelling. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Value of travel time; comfort; discrete choice model; cost-benefit analysis |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Environment (Leeds) > Institute for Transport Studies (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 02 May 2018 10:55 |
Last Modified: | 22 Nov 2019 01:38 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.jocm.2018.04.002 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:130337 |
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