Value of Time for Commercial Vehicle Operators

Brian Smalkoski and David Levinson

No 200501, Working Papers from University of Minnesota: Nexus Research Group

Abstract: The spring load restriction policy of Minnesota has been in effect for over 50 years with little consideration given to the cost that it imposes on the freight industry. A cost-benefit study was recently commissioned to examine the policy. The cost-benefit analysis required a precise estimate of the value of time for commercial vehicle operators in Minnesota. An estimate was not available from previous studies, or from previous data. The necessary revealed preference (RP) information does not exist, and relevance of previous studies was questioned based on the differences in geographic location and the age of data used to construct the estimates. A sample was constructed from several trucking industry sources to conduct a survey. Interviews were conducted using an adaptive stated preference (ASP) survey to derive an estimate to the nearest dollar. A tobit model was fit to the data from the interviews to derive the estimate for value of time. A mean of $49.42 was found, with a 95 percent confidence interval from $40.45 to $58.39. Variation in the distribution of values is largely undetermined, with the exception of fleet operation, whether it is a for-hire truck fleet, or a private truck fleet.

JEL-codes: C91 D21 R40 R42 R48 (search for similar items in EconPapers)
Date: 2005
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Published in Journal of the Transportation Research Forum . 44:1 89-102.

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http://hdl.handle.net/11299/179925 First version, 2007 (application/pdf)

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Journal Article: Value of Time for Commercial Vehicle Operators (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:nex:wpaper:truckvalueoftime

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