Uban Tolled Roads and the Value of Travel Time Savings

David Hensher, Frank W. Milthorpe, Nariida C. Smith and Peter O. Barnard

The Economic Record, 1990, vol. 66, issue 2, 146-156

Abstract: The recent interest in the privatization of major urban roads has opened up the debate on the tolling of such facilities. Central to the identification of optimal tolls is a knowledge of the amount of money individuals are willing to outlay to save travel time. This paper combines a utility maximization framework with stated response data to determine values of time savings in the presence of varying levels of toll for the full set of urban journey purposes. The empirical results provide a basis for establishing one benchmark for toll setting, in the context of substantial lengths of urban roads. There are no tolled urban roads in any major urban area throughout the world

Date: 1990
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