Measuring the relative impact of factors influencing autonomous vehicle value of travel time

Abstract

Value of travel time (VOT) serves as a crucial metric for understanding the benefits of transport investments and policy initiatives. Despite numerous studies estimating the VOT for Autonomous Vehicles (AVs), consensus remains elusive, and the variability of the factors influencing AV VOT estimates has yet to be thoroughly explored. This study addresses these gaps through a meta-regression analysis of AV VOT estimates drawn from 24 published studies. 22 factors were identified, through a systematic review of the literature, likely to affect AV VOT estimates. The relative impact of each of the factors on AV VOT were estimated, controlling for the effects of other factors. Results show that eight factors have a statistically significant effect on AV VOT. Income was found to have the greatest effect on AV VOT, followed by geographical location and driver’s licence. High-income people, residents in urban areas, and people without driving licence place a higher VOT for AV travel – i.e., these groups are willing to pay more for reducing one unit of their travel time. High-income individuals are willing to pay AU$8 more per hour than low-income individuals, urban residents are willing to pay AU$6.5 more per hour than rural residents, and people without a driving licence are willing to pay AU$3.7 more per hour than those with one. Results aid future research in two ways: identifying factors that could impact the value of travel time for AVs and guiding the design of experimental setups for future AV VOT estimates. Additionally, results will help policymakers assess the benefits and costs of implementing AV-related policies in different contexts.