Economics at your fingertips  

Value of Time by Time of Day: A Stated-Preference Study

Yin-yen Tseng () and Erik Verhoef ()
Additional contact information
Yin-yen Tseng: VU University Amsterdam

No 07-061/3, Tinbergen Institute Discussion Papers from Tinbergen Institute

Abstract: This paper proposes an alternative, dynamic framework for estimatingtime-varying values of travel time savings and values of schedule delay, in whichtime-preferences are represented as the time-varying excess willingness to pay(EWPT) to being in the one location, over being elsewhere. It is shown how theconventional linear model, with time-independent values of travel time savings andschedule delay costs, is a special case of our model, and that it is implausibleparticularly in that it implicitly assumes that the willingness to pay for spending a minute at home instead of being in the vehicle does not vary by time of day, even not for very early departures. The framework is applied to SP data representing the respondents departure time choices for the morning commute. The results suggest that individuals time-related shadow prices indeed vary strongly over the morning peak, and values of travel time savings are consequently strongly time-dependent, following plausible and intuitive patterns.

Keywords: Value of Travel Time Savings; Value of Schedule Delay; Value of Unreliability; Stated Choice (search for similar items in EconPapers)
JEL-codes: R41 D12 (search for similar items in EconPapers)
Date: 2007-08-24, Revised 2007-11-08
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link) (application/pdf)

Related works:
Journal Article: Value of time by time of day: A stated-preference study (2008) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this paper

More papers in Tinbergen Institute Discussion Papers from Tinbergen Institute Contact information at EDIRC.
Bibliographic data for series maintained by Tinbergen Office +31 (0)10-4088900 ().

Page updated 2019-04-16
Handle: RePEc:tin:wpaper:20070061