The cost of travel time variability: three measures with properties

Leonid Engelson and Mogens Fosgerau

MPRA Paper from University Library of Munich, Germany

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)
JEL-codes: D1 D8 R4 (search for similar items in EconPapers)
Date: 2016
New Economics Papers: this item is included in nep-tre, nep-upt and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (16)

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Journal Article: The cost of travel time variability: Three measures with properties (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:72255

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