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The value of time in a repeated and one-off setup

Author

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  • Kosíková, Renata
  • Krčál, Ondřej
  • Peer, Stefanie

Abstract

Some recent studies have highlighted the importance of considering the temporal context as a potential factor influencing time valuation estimates. However, in studies that compare shorter and longer-run choice settings, various elements tend to differ between the two settings, rendering it difficult to infer what drives short- and long-run estimates apart. This paper focuses on the comparison between time valuations associated with one-off vs. repeated events. We present the results of a lab experiment on the valuation of waiting time, which has been carefully designed such that the only element varying between the two treatments is whether the choice has a repetitive character or concerns a one-off event. We find no significant differences between the two treatments, and hence can conclude that the repetitive character of a choice situation is unlikely to drive differences between short- and long-run estimates, at least if the concerned travel or waiting times are relatively short (¡10 min).

Suggested Citation

  • Kosíková, Renata & Krčál, Ondřej & Peer, Stefanie, 2024. "The value of time in a repeated and one-off setup," Research in Transportation Economics, Elsevier, vol. 103(C).
    • Handle: RePEc:eee:retrec:v:103:y:2024:i:c:s0739885924000039
    DOI: 10.1016/j.retrec.2024.101408
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    References listed on IDEAS

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    1. Beck, Matthew J. & Hess, Stephane & Cabral, Manuel Ojeda & Dubernet, Ilka, 2017. "Valuing travel time savings: A case of short-term or long term choices?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 100(C), pages 133-143.
    2. Verhoef, Erik T., 2020. "Optimal congestion pricing with diverging long-run and short-run scheduling preferences," Transportation Research Part B: Methodological, Elsevier, vol. 134(C), pages 191-209.
    3. Peer, Stefanie & Verhoef, Erik T., 2013. "Equilibrium at a bottleneck when long-run and short-run scheduling preferences diverge," Transportation Research Part B: Methodological, Elsevier, vol. 57(C), pages 12-27.
    4. Shanjiang Zhu & Nebiyou Tilahun & Xiaozheng He & David M. Levinson, 2012. "Travel Impacts and Adjustment Strategies of the Collapse and the Reopening of the I-35W Bridge," Transportation Research, Economics and Policy, in: David M. Levinson & Henry X. Liu & Michael Bell (ed.), Network Reliability in Practice, edition 1, chapter 0, pages 21-36, Springer.
    5. Peer, Stefanie & Börjesson, Maria, 2018. "Temporal framing of stated preference experiments: does it affect valuations?," Transportation Research Part A: Policy and Practice, Elsevier, vol. 117(C), pages 319-333.
    6. Stefanie Peer & Erik Verhoef & Jasper Knockaert & Paul Koster & Yin‐Yen Tseng, 2015. "Long‐Run Versus Short‐Run Perspectives On Consumer Scheduling: Evidence From A Revealed‐Preference Experiment Among Peak‐Hour Road Commuters," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 56, pages 303-323, February.
    7. Krčál, Ondřej & Peer, Stefanie & Staněk, Rostislav & Karlínová, Bára, 2019. "Real consequences matter: Why hypothetical biases in the valuation of time persist even in controlled lab experiments," Economics of Transportation, Elsevier, vol. 20(C).
    8. Small, Kenneth A., 2012. "Valuation of travel time," Economics of Transportation, Elsevier, vol. 1(1), pages 2-14.
    9. Krčál, Ondřej & Peer, Stefanie & Staněk, Rostislav, 2021. "Can time-inconsistent preferences explain hypothetical biases?," Economics of Transportation, Elsevier, vol. 25(C).
    10. Reinhard Hössinger & Florian Aschauer & Sergio Jara-Díaz & Simona Jokubauskaite & Basil Schmid & Stefanie Peer & Kay W. Axhausen & Regine Gerike, 2020. "A joint time-assignment and expenditure-allocation model: value of leisure and value of time assigned to travel for specific population segments," Transportation, Springer, vol. 47(3), pages 1439-1475, June.
    11. Wardman, Mark & Chintakayala, V. Phani K. & de Jong, Gerard, 2016. "Values of travel time in Europe: Review and meta-analysis," Transportation Research Part A: Policy and Practice, Elsevier, vol. 94(C), pages 93-111.
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    More about this item

    Keywords

    Valuation of time; Waiting time; Time preferences; Long-run vs. short-run; Repeated vs. one-off;
    All these keywords.

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • R41 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Transportation: Demand, Supply, and Congestion; Travel Time; Safety and Accidents; Transportation Noise

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