Experiences from the Swedish Value of Time study Börjesson, Maria ; Eliasson, Jonas
Series: Working papers in transport economics ; 2012:8Publication details: Stockholm Centre for Transport Studies Stockholm, 2012; Swedish National Road & Transport Research Institute [VTI], ; KTH Royal Institute of Technology, ; S-WoPEc, Scandinavian Working Papers in Economics, Description: 23 sSubject(s): Online resources: Abstract: We provide a synthesis of results and insights from the Swedish Value of Time study, with focus on what is relevant for transport appraisal and understanding travel behaviour. We summarize recent econometric advances, and show how these enable a better understanding and identification of the value of time distribution. The influence of the sign and size of changes is estimated and discussed, including the problems of loss aversion and the value of small time savings. Further, we show how the value of time depends on trip and traveller characteristics, discuss in what dimensions the value of time should be differentiated in appraisal, and provide recommended values for use in applied transport appraisal.We provide a synthesis of results and insights from the Swedish Value of Time study, with focus on what is relevant for transport appraisal and understanding travel behaviour. We summarize recent econometric advances, and show how these enable a better understanding and identification of the value of time distribution. The influence of the sign and size of changes is estimated and discussed, including the problems of loss aversion and the value of small time savings. Further, we show how the value of time depends on trip and traveller characteristics, discuss in what dimensions the value of time should be differentiated in appraisal, and provide recommended values for use in applied transport appraisal.