Binsuwadan, J, De Jong, G orcid.org/0000-0003-3405-6523, Batley, R orcid.org/0000-0002-2487-850X et al. (1 more author) (2022) The value of travel time savings in freight transport: a meta-analysis. Transportation, 49 (4). pp. 1183-1209. ISSN 0049-4488
Abstract
The value of freight travel time savings (VFTTS) is a monetary value that is considered an important input into cost–benefit analysis and traffic forecasting. The VFTTS is defined as the marginal rate of substitution between travel time and cost and may therefore differ across firms, time and countries. The paper aims to explain variations in the VFTTS by using the meta-analysis method. The analysis covers 106 monetary valuations extracted from 56 studies conducted from 1988 to 2018 in countries across the globe. The meta-analysis method determines the factors that have an impact on these VFTTS variations. The paper briefly introduces the VFTTS concept and describes the adopted meta-analysis methodology, wherein different meta-models are used in VFTTS estimations. The results highlight the necessity of including multiple explanatory variables to ensure adequate explanation of the VFTTS variations. The findings also show that GDP per capita, transport mode and type of survey respondent are statistically significant variables. The paper sheds some light on the variations, thereby advancing the understanding of each factor’s effects on the VFTTS. Furthermore, meta-model outcomes are used to generate new values of travel time savings for different transport modes in freight transport, for several countries. These implied VFTTS can be used as benchmarks to assess existing evidence or provide new evidence to countries where no such values exist.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/. |
Keywords: | Meta-analysis; Values of travel time savings; Freight transport; Random-effects model |
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) > ITS: Economics and Discrete Choice (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 14 Oct 2021 14:16 |
Last Modified: | 25 Jun 2023 22:47 |
Status: | Published |
Publisher: | Springer |
Identification Number: | 10.1007/s11116-021-10207-2 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:179172 |
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