Abstract
Although the value of travel time (VTT) is extensively used in transport economics in order to conduct cost–benefit analysis and there have been numerous studies estimating this information for different countries, transport modes and type of users, there are very few estimates for the university students commuting from their hometown to the university-town. This article presents a VTT estimate for the students enrolled at the University of Trieste (Italy) based on sequential approach which: (1) collects revealed preference data in order to estimate a preliminary VTT; (2) generates C-efficient Bayesian designs pivoted around the characteristics of homogenous segments of the population and (3) administers an integrated revealed and stated preference questionnaire to a selected sample. The estimate obtained on the basis of the combined revealed and stated preference data ranges from 2.8 to 1.4€/h is significantly lower than the estimates obtained on the bases of the revealed preference data only, which ranges from 18 to 13€/h, and differs from the VTT for commuting to work reported in the literature by a factor of about 6.
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