The cost of travel time variability: Three measures with properties

Leonid Engelson and Mogens Fosgerau

Transportation Research Part B: Methodological, 2016, vol. 91, issue C, 555-564

Abstract: This paper explores the relationships between three types of measures of the cost of travel time variability: measures based on scheduling preferences and implicit departure time choice, Bernoulli type measures based on a univariate function of travel time, and mean-dispersion measures. We characterise measures that are both scheduling measures and mean-dispersion measures and measures that are both Bernoulli and mean-dispersion. There are no measures that are both scheduling and Bernoulli. We consider the impact of requiring that measures are additive or homogeneous, proving also a new strong result on the utility rates in an additive scheduling measure. These insights are useful for selecting cost measures to use in applications.

Keywords: Value; Travel time; Variability; Reliability (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (14)

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DOI: 10.1016/j.trb.2016.06.012

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