Theoretical analysis on the variation of value of travel time savings |
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| Institution: | 1. Department of Transportation and Logistics Engineering Hanyang University, 2nd Eng. Buld. 55 Hanyangdaehakro, Sangrok-Gu, Ansan-Si, Gyeonggi-Do, 426-791, South Korea;2. Korea Research Institute for Human Settlements, 5 Gukchaegyeonguwon-ro, Sejong-city, 30147, South Korea;1. Institute for Transport Studies, University of Leeds, Leeds, Great Britain LS2 9JT, UK;2. Centre for Transport Studies, KTH Royal Institute of Technology, Sweden;1. Significance, The Hague, The Netherlands;2. Institute for Transport Studies, University of Leeds, Leeds, United Kingdom;3. VU University, Amsterdam, The Netherlands;4. Tinbergen Institute, Amsterdam, The Netherlands;5. Independent Consultant, United Kingdom;6. KiM Netherlands Institute for Transport Policy Analysis, Ministry of Infrastructure and the Environment, The Hague, The Netherlands;1. Delft University of Technology, Faculty of Civil Engineering and Geosciences, Department of Transport & Planning, P.O. Box 5048, 2600 GA Delft, the Netherlands;2. University of Coimbra, Department of Civil Engineering, CITTA Research Center for Territory, Transports and the Environment, Coimbra, Portugal;3. Delft University of Technology, Faculty of Technology, Policy and Management, Transport and Logistics Group, 2628 BX Delft, the Netherlands;4. TNO and Delft University of Technology, Van Mourik Broekmanweg 6, P.O. Box 49, 2600 AA Delft, the Netherlands |
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| Abstract: | This paper theoretically examines whether and how the value of travel time savings changes with the travel and individual socio-economic environments. A time allocation model for the general case of travel behavior is proposed following a review of basic theories of the value of time. Under some general assumptions, changes of value of travel time savings with travel time, travel cost, wage rate, and work time are examined by the comparative static analysis. Differences between the variation of the value of travel time savings and value of time as a resource are also discussed. The results provide the variation mechanisms of the value of time and verify some of the results of empirical studies. |
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