Valuing travel time savings: A case of short-term or long term choices?
Matthew J. Beck,
Manuel Ojeda Cabral and
Transportation Research Part E: Logistics and Transportation Review, 2017, vol. 100, issue C, 133-143
The valuation of travel time is of crucial importance in many transport decisions. Most studies make use of data framed around short-term decisions such as route choice. However, people may have a greater ability to trade time and money in a longer term setting, such as when considering changes in residential or employment locations. We study the value of travel time in both the short and long-term, finding differences in the valuations. Given the importance of these valuations for policy making, our results call for more research into how time-cost trade-offs should be represented with stated preference.
Keywords: Value of time; Commuting; WTA; WTP; Short and long-term choices; Framing effects (search for similar items in EconPapers)
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