Abstract
Values of travel time are essential factors in the design of transport infrastructure. The value of time is used in transport models to monetize travel time related to the socio-economic background of travelers. This paper assesses the estimation of the value of time based on questionnaires distributed to travelers in a preference survey. The mode choice approach is employed to estimate these values dependent on vehicle classes for weekdays and at the weekend. Two of the main conclusions using the mode choice approach are that the value of time for private vehicle users is approximately 1.5 times the value of time for public transport users; and the value of travel time on the weekday is twice that of the weekend. This indicates that public transport passengers have more travel time savings than when they use other modes. Another method, the income approach, arrives at similar values of time as that estimated by the mode choice approach. The willingness to use public transport in weekdays is increasing. As a consequence, public transport should be operated at a higher frequency.
Highlights
In most cities, cities in developing countries, travel time savings is an important issue when formulating transport policy and designing a transport infrastructure.With the considerable expansion and growth of housing development in suburban areas, it becomes necessary to assess the travel time savings of residents living in these areas
By using the mode choice approach and the income approach, we estimate the value of time based on a revealed and stated preference survey
The objective of this paper was to explain important issues associated with the estimation of the value of travel time savings for travelers living in the suburbs for weekday and weekend trips, and to explain the application of the value of time on the change in modal split for cities in developing countries
Summary
Cities in developing countries, travel time savings is an important issue when formulating transport policy and designing a transport infrastructure.With the considerable expansion and growth of housing development in suburban areas, it becomes necessary to assess the travel time savings of residents living in these areas. Cities in developing countries, travel time savings is an important issue when formulating transport policy and designing a transport infrastructure. Time saving analysis is intended to support future plans for transport infrastructures and the public transport system in balance with housing development. Value of time has been illustrated in the modeling of traveler behavior and demand forecasts by Wardman [2]. He explained that an individual’s willingness to pay for travel time can be estimated from the travel demand model and is an implicit trade-off between time and money. Estimation of the value of time is necessary to determine the social acceptability of the expenditure of scarce public funds. Mackie et al [3] demonstrated that time is a scarce resource and direct willingness to pay should be weighted to gain social approval for some projects
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