Highlights ► We analyze two identical SP experiments on value of travel time (VTT) 13years apart. ► The cross-sectional and inter-temporal income elasticity of the VTT is found equal. ► It is thus sufficient to use income elasticities from cross-sections in forecasts. ► The income elasticity of the VTT is not uniform but increases with income. ► The average income elasticity of the VTT seems to increase over time.

    Abstract Transport infrastructure is long-term and in appraisal it is necessary to value travel time savings for future years. This requires knowing how the value of time (VTT) will develop over time as incomes grow. This paper investigates if the cross-sectional income elasticity of the VTT is equal to inter-temporal income elasticity. The study is based on two identical stated choice experiments conducted with a 13year interval. Results indicate that the relationship between income and the VTT in the cross-section has remained unchanged over time. As a consequence, the inter-temporal income elasticity of the VTT can be predicted based on cross-sectional income elasticity. However, the income elasticity of the VTT is not a constant but increases with income. For this reason, the average income elasticity of the VTT in the cross-sections has increased between the two survey years and can be expected to increase further over time.


    Access

    Check access

    Check availability in my library

    Order at Subito €


    Export, share and cite



    Title :

    On the income elasticity of the value of travel time


    Contributors:


    Publication date :

    2011-10-11


    Size :

    10 pages




    Type of media :

    Article (Journal)


    Type of material :

    Electronic Resource


    Language :

    English




    On the income elasticity of the value of travel time

    Börjesson, Maria | Online Contents | 2012


    The income elasticity of the value of travel time is not one number

    Borjesson, M. / Fosgerau, M. / Algers, S. et al. | British Library Conference Proceedings | 2009


    The income elasticity of the value of travel time savings: A meta-analysis

    Binsuwadan, Jawaher / Wardman, Mark / de Jong, Gerard et al. | Elsevier | 2023


    Theoretical Derivation of Value of Travel Time and Demand Elasticity

    Ozbay, Kaan / Yanmaz-Tuzel, Ozlem / Holguín-Veras, José | Transportation Research Record | 2006


    On the Variation of Value of Travel Time Savings over Income

    Kato, H. / Fujiu, M. / Beijing jiao tong da xue; Guo jia zi ran ke xue ji jin wei yuan hui (China); Wang Kuancheng jiao yu ji jin hui | British Library Conference Proceedings | 2006