The impact of travel time variability and travelers’ risk attitudes on the values of time and reliability

Mickael Beaud, Thierry Blayac and Maïté Stéphan

Transportation Research Part B: Methodological, 2016, vol. 93, issue PA, 207-224

Abstract: In this paper, we derive implementable measures of travelers’ willingness to pay to save travel time (vot) and to improve the reliability ( vor) of a given trip. We set out a simple microeconomic model of transport mode choice in which each trip is fully characterized by its price and the statistical distribution of its random travel time, assuming that travelers have expected utility preferences over the latter. We then explore how the vot and vor are affected by the statistical distribution of travel time and by travelers’ preferences towards travel time variability.

Keywords: Value of travel time savings; Value of travel time reliability; Risk attitudes; Reliability proneness; Prudence; Cost benefit analysis of transport infrastructure projects (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (16)

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Working Paper: The impact of travel time variability and travelers' risk attitudes on the values of time and reliability (2016)
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DOI: 10.1016/j.trb.2016.07.007

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