IDEAS home Printed from https://ideas.repec.org/a/eee/transa/v94y2016icp93-111.html
   My bibliography  Save this article

Values of travel time in Europe: Review and meta-analysis

Author

Listed:
  • Wardman, Mark
  • Chintakayala, V. Phani K.
  • de Jong, Gerard

Abstract

This paper reports the most extensive meta-analysis of values of time yet conducted, covering 3109 monetary valuations assembled from 389 European studies conducted between 1963 and 2011. It aims to explain how valuations vary across studies, including over time and between countries. In addition to the customary coverage of in-vehicle time in review studies, this paper covers valuations of walk time, wait time, service headway, parking space search time, departure time switching, time in congested traffic, schedule delay early and late, mean lateness and the standard deviation of travel time. Valuations are found to vary with type of time, GDP, distance, journey purpose, mode, the monetary numeraire and a number of factors related to estimation. Model output values of time compare favourably with earnings data, replicate well official recommended values obtained from major national studies, and are transferable across countries. These implied monetary values serve as very useful benchmarks against which new evidence can be assessed and the meta-model provides parameters and values for countries and contexts where there is no other such evidence.

Suggested Citation

  • 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.
    • Handle: RePEc:eee:transa:v:94:y:2016:i:c:p:93-111
    DOI: 10.1016/j.tra.2016.08.019
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0965856415302810
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.tra.2016.08.019?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Börjesson, Maria & Fosgerau, Mogens & Algers, Staffan, 2012. "On the income elasticity of the value of travel time," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(2), pages 368-377.
    2. Brownstone, David & Small, Kenneth A., 2005. "Valuing time and reliability: assessing the evidence from road pricing demonstrations," Transportation Research Part A: Policy and Practice, Elsevier, vol. 39(4), pages 279-293, May.
    3. Mackie, Peter & Worsley, Tom & Eliasson, Jonas, 2014. "Transport appraisal revisited," Research in Transportation Economics, Elsevier, vol. 47(C), pages 3-18.
    4. Hensher, David A., 2010. "Hypothetical bias, choice experiments and willingness to pay," Transportation Research Part B: Methodological, Elsevier, vol. 44(6), pages 735-752, July.
    5. Shires, J.D. & de Jong, G.C., 2009. "An international meta-analysis of values of travel time savings," Evaluation and Program Planning, Elsevier, vol. 32(4), pages 315-325, November.
    6. Mark Wardman, 2014. "Valuing Convenience in Public Transport: Roundtable Summary and Conclusions," International Transport Forum Discussion Papers 2014/2, OECD Publishing.
    7. Abrantes, Pedro A.L. & Wardman, Mark R., 2011. "Meta-analysis of UK values of travel time: An update," Transportation Research Part A: Policy and Practice, Elsevier, vol. 45(1), pages 1-17, January.
    8. Hess, Stephane & Hensher, David A. & Daly, Andrew, 2012. "Not bored yet – Revisiting respondent fatigue in stated choice experiments," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(3), pages 626-644.
    9. Wardman, Mark & Batley, Richard & Laird, James & Mackie, Peter & Bates, John, 2015. "How should business travel time savings be valued?," Economics of Transportation, Elsevier, vol. 4(4), pages 200-214.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Small, Kenneth A., 2012. "Valuation of travel time," Economics of Transportation, Elsevier, vol. 1(1), pages 2-14.
    2. 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).
    3. Peer, Stefanie & Knockaert, Jasper & Koster, Paul & Verhoef, Erik T., 2014. "Over-reporting vs. overreacting: Commuters’ perceptions of travel times," Transportation Research Part A: Policy and Practice, Elsevier, vol. 69(C), pages 476-494.
    4. Tjiong, Jeff & Dekker, Thijs & Hess, Stephane & Ojeda Cabral, Manuel, 2022. "The selection of income measures in value of travel time models and their implications for the VTT, its cross-sectional income elasticity and transport appraisal," Research in Transportation Economics, Elsevier, vol. 94(C).
    5. Merkert, Rico & Beck, Matthew, 2017. "Value of travel time savings and willingness to pay for regional aviation," Transportation Research Part A: Policy and Practice, Elsevier, vol. 96(C), pages 29-42.
    6. Lars Hultkrantz & Selen Savsin, 2018. "Is ‘referencing’ a remedy to hypothetical bias in value of time elicitation? Evidence from economic experiments," Transportation, Springer, vol. 45(6), pages 1827-1847, November.
    7. Rich, Jeppe & Vandet, Christian Anker, 2019. "Is the value of travel time savings increasing? Analysis throughout a financial crisis," Transportation Research Part A: Policy and Practice, Elsevier, vol. 124(C), pages 145-168.
    8. Carrion, Carlos & Levinson, David, 2012. "Value of travel time reliability: A review of current evidence," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(4), pages 720-741.
    9. Börjesson, Maria & Eliasson, Jonas, 2014. "Experiences from the Swedish Value of Time study," Transportation Research Part A: Policy and Practice, Elsevier, vol. 59(C), pages 144-158.
    10. Aliaksandr Malokin & Giovanni Circella & Patricia L. Mokhtarian, 2021. "Do millennials value travel time differently because of productive multitasking? A revealed-preference study of Northern California commuters," Transportation, Springer, vol. 48(5), pages 2787-2823, October.
    11. Börjesson, Maria & Fosgerau, Mogens & Algers, Staffan, 2012. "On the income elasticity of the value of travel time," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(2), pages 368-377.
    12. Tsoleridis, Panagiotis & Choudhury, Charisma F. & Hess, Stephane, 2022. "Deriving transport appraisal values from emerging revealed preference data," Transportation Research Part A: Policy and Practice, Elsevier, vol. 165(C), pages 225-245.
    13. Börjesson, Maria & Fosgerau, Mogens & Algers, Staffan, 2012. "Catching the tail: Empirical identification of the distribution of the value of travel time," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(2), pages 378-391.
    14. Mark Wardman & Phani Chintakayala & Chris Heywood, 2020. "The valuation and demand impacts of the worthwhile use of travel time with specific reference to the digital revolution and endogeneity," Transportation, Springer, vol. 47(3), pages 1515-1540, June.
    15. Haghani, Milad & Sarvi, Majid, 2018. "Hypothetical bias and decision-rule effect in modelling discrete directional choices," Transportation Research Part A: Policy and Practice, Elsevier, vol. 116(C), pages 361-388.
    16. Binsuwadan, Jawaher & Wardman, Mark & de Jong, Gerard & Batley, Richard & Wheat, Phill, 2023. "The income elasticity of the value of travel time savings: A meta-analysis," Transport Policy, Elsevier, vol. 136(C), pages 126-136.
    17. Nicanor R. Roxas & Alexis M. Fillone, 2016. "Establishing value of time for the inter-island passenger transport of the Western Visayas region, Philippines," Transportation, Springer, vol. 43(4), pages 661-676, July.
    18. Jan-Erik Swärdh & Staffan Algers, 2016. "Willingness to accept commuting time within the household: stated preference evidence," Transportation, Springer, vol. 43(2), pages 219-241, March.
    19. Ortega, Alejandro & Vassallo, José Manuel & Pérez, Juan Ignacio, 2021. "Modelling some equality and social welfare impacts of road tolling under conditions of traffic uncertainty," Research in Transportation Economics, Elsevier, vol. 88(C).
    20. Kilkki, Kalevi & Hämmäinen, Heikki, 2019. "Value of Time in the Context of Communications Services," 30th European Regional ITS Conference, Helsinki 2019 205189, International Telecommunications Society (ITS).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:transa:v:94:y:2016:i:c:p:93-111. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/547/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.