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

Mickael Beaud, Thierry Blayac and Maïté Stéphan ()
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Maïté Stéphan: LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - UM1 - Université Montpellier 1 - UPVM - Université Paul-Valéry - Montpellier 3 - INRA - Institut National de la Recherche Agronomique - Montpellier SupAgro - Centre international d'études supérieures en sciences agronomiques - UM - Université de Montpellier - CNRS - Centre National de la Recherche Scientifique - Montpellier SupAgro - Institut national d’études supérieures agronomiques de Montpellier

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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 time reliability; costbenefit analysis of transports; infrastructure projects; reliability pronenes; prudence; risk attitudes (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (12)

Published in Transportation Research Part B: Methodological, 2016, 93 (Part A), pp.207-224. ⟨10.1016/j.trb.2016.07.007⟩

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Journal Article: The impact of travel time variability and travelers’ risk attitudes on the values of time and reliability (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01923409

DOI: 10.1016/j.trb.2016.07.007

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