The Demand for Taxis in Leeds and the Value of Time.

This paper presents the detailed results of stated preference experiments undertaken to estimate the value of time and various demand parameters. It continues a series of reports in this series (Pells [1990], Toner [1991]). Full details of the experimental design are contained in Toner [1990].

It is found that taxi passengers have a value of waiting time of about 7.4 p/min when a trip is made from a rank, and 9.7 p/min if the trip is booked by telephone. Existing users are relatively insensitive to price, but this depends greatly on the existence of an alternative mode of travel. Waiting time effects are minimal. Large reductions in price would cause significant numbers of bus users to switch to taxi.