Highlights Largest ever meta-analysis of valuations of time extending across whole of Europe. Covers wide range of time related attributes other than just in-vehicle time. Effects of numerous influential variables on valuations quantified. Valuations implied by meta-model correspond well with official recommendations. Valuations implied by meta-model benchmark well against earnings.
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.
Values of travel time in Europe: Review and meta-analysis
Transportation Research Part A: Policy and Practice ; 94 ; 93-111
2016-08-25
19 pages
Aufsatz (Zeitschrift)
Elektronische Ressource
Englisch
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