The valuation and demand impacts of the worthwhile use of travel time with specific reference to the digital revolution and endogeneity

Transportation - The research reported here is concerned with how the worthwhile use of travel time might impact on the value of travel time savings (VTTS) and on demand set in the context of the...     

A critical appraisal of the use of simple time-money trade-offs for appraisal value of travel time measures

Transportation - Stated choice surveys have established themselves as the preferred approach for value of travel time elicitation with the help of choice models. However, major differences exist in...     

A real time forecasting tool for dynamic travel time from clustered time series

This paper addresses the problem of dynamic travel time (DTT) forecasting within highway traffic networks using speed measurements. Definitions, computational details and properties in the construction of DTT are provided. DTT is dynamically clustered using a K-means algorithm and then information on the level and the trend of the centroid of the clusters is used to devise a predictor computationally simple to be implemented. To take into account the lack of information in the cluster assignment for the new predicted values, a weighted average fusion based on a similarity measurement is proposed to combine the predictions of each model. The algorithm is deployed in a real time application and the performance is evaluated using real traffic data from the South Ring of the Grenoble city in France.     

New appraisal values of travel time saving and reliability in Great Britain

Transportation - This paper provides an overview of the study ‘Provision of market research for value of time savings and reliability’ undertaken by the Arup/ITS Leeds/Accent consortium...     

Identifying optimal data aggregation interval sizes for link and corridor travel time estimation and forecasting

With the recent increase in the deployment of ITS technologies in urban areas throughout the world, traffic management centers have the ability to obtain and archive large amounts of data on the traffic system. These data can be used to estimate current conditions and predict future conditions on the roadway network. A general solution methodology for identifying the optimal aggregation interval sizes for four scenarios is proposed in this article: (1) link travel time estimation, (2) corridor/route travel time estimation, (3) link travel time forecasting, and (4) corridor/route travel time forecasting. The methodology explicitly considers traffic dynamics and frequency of observations. A formulation based on mean square error (MSE) is developed for each of the scenarios and interpreted from a traffic flow perspective. The methodology for estimating the optimal aggregation size is based on (1) the tradeoff between the estimated mean square error of prediction and the variance of the predictor, (2) the differences between estimation and forecasting, and (3) the direct consideration of the correlation between link travel time for corridor/route estimation and forecasting. The proposed methods are demonstrated using travel time data from Houston, Texas, that were collected as part of the automatic vehicle identification (AVI) system of the Houston Transtar system. It was found that the optimal aggregation size is a function of the application and traffic condition.

The use of travel time by rail passengers in Great Britain

In the face of a society that exhibits an increasing dependence on motorised mobility, the response of transport policy is one that remains grounded in the pursuit of quicker journey times. Less time spent travelling is assumed to convert ‘unproductive’ time into economically valuable time. This paper explores an alternative perspective on travel time. It seeks to examine the notion that travel time, rather than being wasted, can and does possess a positive utility. This brings into question the extent of assumed economic benefits derived from schemes and policies intended to reduce journey times. Specifically the paper reports on a national mail-back questionnaire survey of 26,221 rail passengers in Great Britain conducted in autumn 2004. The survey examined how passengers used their time on the train, how worthwhile that time use was considered to be and the role of mobile technologies. The results paint a picture of travel time use in which the behaviour and opinions of commuters, business travellers and leisure travellers are compared and contrasted. A substantial if not overwhelming incidence of positive utility of travel time use is revealed, especially for business travel but also for commuting and leisure travel. In light of the survey evidence the paper points to the challenge of understanding the notion of productivity and offers some critical comments concerning the current approach to economic appraisal in Britain.     

The implications of travel profiles for transportation investment: The Bronx Center Project

Investment in transportation infrastructure is generally regarded as an effective means for inducing economic growth and employment in a region. However, the ability of such investments to achieve these objectives, to a large extent, depends on the degree to which travel results from these investments support or conflict with present travel patterns and needs in this region. Using this view as a basis, this paper analyzes travel conditions and choices in the Bronx New York, where large scale transportation and other development projects (commonly called the Bronx Center Project) are presently taking place. Using a large data base, composed of census tract information on socio-economic and travel behavior, the paper first examines the travel profile of the Bronx population, by estimating travel choice elasticities. On the basis of these elasticities it then assesses the impact of the Bronx Center Project on travel patterns and trends.     

Micro-simulation of daily activity-travel patterns for travel demand forecasting

The development and initial validation results of a micro-simulator for the generation of daily activity-travel patterns are presented in this paper. The simulator assumes a sequential history and time-of-day dependent structure. Its components are developed based on a decomposition of a daily activity-travel pattern into components to which certain aspects of observed activity-travel behavior correspond, thus establishing a link between mathematical models and observational data. Each of the model components is relatively simple and is estimated using commonly adopted estimation methods and existing data sets. A computer code has been developed and daily travel patterns have been generated by Monte Carlo simulation. Study results show that individuals' daily travel patterns can be synthesized in a practical manner by micro-simulation. Results of validation analyses suggest that properly representing rigidities in daily schedules is important in simulating daily travel patterns. This revised version was published online in June 2006 with corrections to the Cover Date.     

The value of travel time variance

This paper considers the value of travel time variability under scheduling preferences that are defined in terms of linearly time varying utility rates associated with being at the origin and at the destination. The main result is a simple expression for the value of travel time variability that does not depend on the shape of the travel time distribution. The related measure of travel time variability is the variance of travel time. These conclusions apply equally to travellers who can freely choose departure time and to travellers who use a scheduled service with fixed headway. Depending on parameters, travellers may be risk averse or risk seeking and the value of travel time may increase or decrease in the mean travel time.     

Behavioural implications of preferences, risk attitudes and beliefs in modelling risky travel choice with travel time variability

The appropriate interpretation of a behavioural outcome requires allowing for risk attitude and belief of an individual, in addition to identification of preferences. This paper develops an Attribute-Specific Extended Rank-Dependent Utility Theory model to better understand choice behaviour in the presence of travel time variability, in which these three important components of choice are empirically addressed. This framework is more behaviourally appealing for travel time and travel time variability research than the traditional approach in which risk attitude and belief are overlooked. This model also reveals significant unobserved between-individual heterogeneity in preferences, risk attitudes and beliefs.     

Estimating travel time functions for urban roads: options and issues

Travel time functions specify the relationship between the travel time on a road and the volume of traffic on the road. Until recently, the parameters of travel time functions were rarely estimated in practice; however, a compelling case can be made for the empirical examination of these functions. This paper reviews, and qualitatively evaluates, a range of options for developing a set of travel time functions. A hierarchy of travel time functions is defined based on four levels of network detail: area, corridor, route and link. This hierarchy is illustrated by considering the development of travel time functions for Adelaide. Alternative sources of data for estimating travel time functions are identified.

In general, the costs and benefits increase as the travel time functions are estimated at finer levels of network detail. The costs of developing travel time functions include data acquisition costs and analysis costs. The benefits include the potential for reducing prediction errors, the degree of application flexibility and the policy sensitivity of the travel time functions.     

Estimation of the value of travel time and of travel time reliability for heterogeneous drivers in a road network

Transportation - Travel time reliability has been recognized as an important factor in cost–benefit analysis in a transportation network. To estimate the benefit and cost of travel time...     

Local online kernel ridge regression for forecasting of urban travel times

Accurate and reliable forecasting of traffic variables is one of the primary functions of Intelligent Transportation Systems. Reliable systems that are able to forecast traffic conditions accurately, multiple time steps into the future, are required for advanced traveller information systems. However, traffic forecasting is a difficult task because of the nonlinear and nonstationary properties of traffic series. Traditional linear models are incapable of modelling such properties, and typically perform poorly, particularly when conditions differ from the norm. Machine learning approaches such as artificial neural networks, nonparametric regression and kernel methods (KMs) have often been shown to outperform linear models in the literature. A bottleneck of the latter approach is that the information pertaining to all previous traffic states must be contained within the kernel, but the computational complexity of KMs usually scales cubically with the number of data points in the kernel. In this paper, a novel kernel-based machine learning (ML) algorithm is developed, namely the local online kernel ridge regression (LOKRR) model. Exploiting the observation that traffic data exhibits strong cyclic patterns characterised by rush hour traffic, LOKRR makes use of local kernels with varying parameters that are defined around each time point. This approach has 3 advantages over the standard single kernel approach: (1) It allows parameters to vary by time of day, capturing the time varying distribution of traffic data; (2) It allows smaller kernels to be defined that contain only the relevant traffic patterns, and; (3) It is online, allowing new traffic data to be incorporated as it arrives. The model is applied to the forecasting of travel times on London’s road network, and is found to outperform three benchmark models in forecasting up to 1 h ahead.     

The influence of travel time variability on the value of time

Current benefits from travel time savings have only been related to the benefits from reducing mean travel time. Some previous attempts of including variability in the generalised cost function have mainly assumed commuters with fixed arrival time. This paper presents a comprehensive framework for valuing travel time variability that allows for any journey purpose and arrival time constraint. The proposed model is based on the expected utility approach and the mean-standard deviation approach. Stated Preference methods are considered the best technique for providing the data for calibrating the models. The values of time derived from the models are highly influenced by the value of travel time variability and it strongly depends on the probability distribution function travellers are faced with.     

Temporal transferability: trade-off between data newness and the number of observations for forecasting travel demand

Recent and large amounts of data are crucial for forecasting travel demand. However, in some cases, an older time point may have more data than a more recent time point. A trade-off between older data with a large number of observations and recent data with a smaller number of observations has not been investigated in the context of temporal transferability. In this paper, this trade-off is examined in the context of journey-to-work mode choice behaviours by utilising repeated cross-sectional data collected in Nagoya, Japan. Models estimated utilising different numbers of observations (ranging from 50 to 10,000) obtained at different time points (1971, 1981, and 1991) are applied to the forecasting of behaviours for 2001. Bootstrapping provides insights with statistical meaning. One finding is that the minimum number of observations from a recent time point that is required to produce a forecast statistically significantly better than that produced by older data with a larger number of observations is surprisingly stable, even when the number of observations from the older time point varies considerably. For example, 300–500 stable observations from 1981 produced forecasts that were statistically significantly better than that produced by 500–10,000 wide-ranging observations from 1971. Analysing the trade-off can help determine an efficient survey interval and sample size in an era of declining budgets for travel surveys.     

Prediction of travel time variability for cost-benefit analysis

Unreliable travel times cause substantial costs to travelers. Nevertheless, they are often not taken into account in cost-benefit analyses (CBA), or only in very rough ways. This paper aims at providing simple rules to predict variability, based on travel time data from Dutch highways. Two different concepts of travel time variability are used, which differ in their assumptions on information availability to drivers. The first measure is based on the assumption that, for a given road link and given time of day, the expected travel time is constant across all working days (rough information: RI). In the second case, expected travel times are assumed to reflect day-specific factors such as weather conditions or weekdays (fine information: FI). For both definitions of variability, we find that the mean travel time is a good predictor. On average, longer delays are associated with higher variability. However, the derivative of variability with respect to delays is decreasing in delays. It can be shown that this result relates to differences in the relative shares of observed traffic ‘regimes’ (free-flow, congested, hyper-congested) in the mean delay. For most CBAs, no information on the relative shares of the traffic regimes is available. A non-linear model based on mean travel times can then be used as an approximation.     

The valuation of commuter travel time savings for car drivers: evaluating alternative model specifications

The empirical valuation of travel time savings is a derivative of the ratio of parameter estimates in a discrete choice model. The most common formulation (multinomial logit) imposes strong restrictions on the profile of the unobserved influences on choice as represented by the random component of a preference function. As we progress our ability to relax these restrictions we open up opportunities to benchmark the values derived from simple (albeit relatively restrictive) models. In this paper we contrast the values of travel time savings derived from multinomial logit and alternative specifications of mixed (or random parameter) logit models. The empirical setting is urban car commuting in six locations in New Zealand. The evidence suggests that less restrictive choice model specifications tend to produce higher estimates of values of time savings compared to the multinomial logit model; however the degree of under-estimation of multinomial logit remains quite variable, depending on the context.     

The value of travel time savings in freight transport: a meta-analysis

Transportation - 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...     

Values of travel time in Europe: Review and meta-analysis

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.     

Expenditure of time and money on travel

The report examines the suggestion that the total amount of time, money or generalised cost spent on personal travel may be constant over time, in cross-section or under changes of travel costs or policies. Invariant expenditure of either time or money on travel is inconsistent with rational economic behaviour and with conventional transport modelling. A theoretical analysis concludes that generalised expenditure on travel might be invariant. Data from the National Travel Survey indicate that generalised expenditure is much the same in urban as in rural areas, despite the wide variation in modes available and distances to destinations. In comparisons of households at different income levels, generalised expenditure per person is almost directly proportional to gross income per person; in other words, consumption of “generalised time” is constant. Time series data from 1953 to 1976 are also examined and, though the data are poor, they indicate that generalised travel expenditure per person has increased over the years appreciably faster than has real income per person. Caution is therefore needed in using constant budget concepts in forecasting models.