Values of travel time in Europe: Review and meta-analysis |
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| Affiliation: | 1. SYSTRA Ltd, 25th Floor, City Tower, Piccadilly Plaza, Manchester M1 4BT, United Kingdom;2. Institute for Transport Studies, University of Leeds, Leeds LS2 9JT, United Kingdom;3. Leeds University Business School and Leeds Institute for Data Analytics, University of Leeds, Leeds LS2 9JT, United Kingdom;4. Significance, Koninginnegracht 23, 2514 AB The Hague, The Netherlands;1. Engineering Systems, Massachusetts Institute of Technology, 77 Massachusetts Avenue, E40-246, Cambridge, MA 02139, USA;2. Civil and Environmental Engineering and Engineering Systems, Massachusetts Institute of Technology, 77 Massachusetts Avenue, 1-163, Cambridge, MA 02139, USA;3. Aeronautics and Astronautics and Engineering Systems, Massachusetts Institute of Technology, 77 Massachusetts Avenue, 33-328, Cambridge, MA 02139, USA;1. Department of Civil Engineering, City College of New York, 160 Convent Avenue, Marshak Building, Suite MR-917, New York, NY 10031, United States;2. Region-2 University Transportation Research Center, City College of New York, 160 Convent Avenue, Marshak Building, Suite MR-910, New York, NY 10031, United States |
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| 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. |
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| Keywords: | Meta-analysis Review of values of travel time European values of travel time |
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