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

Author

Listed:
  • 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. 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).
    2. 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.
    3. 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.
    4. Krčál, Ondřej & Peer, Stefanie & Staněk, Rostislav, 2021. "Can time-inconsistent preferences explain hypothetical biases?," Economics of Transportation, Elsevier, vol. 25(C).
    5. 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.
    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. 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.
    8. 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.
    9. 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.
    10. 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.
    11. Small, Kenneth A., 2012. "Valuation of travel time," Economics of Transportation, Elsevier, vol. 1(1), pages 2-14.
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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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