Abstract Sources of specification as well as measurement error in previous estimates of the value of time are examined in this paper, and a new set of estimates avoiding these errors is presented. The sources of specification error being analyzed are: (1) failure to take account of drivers' uncertainty in making their choices between alternative routes or modes, which was found empirically to bias the value of time estimate 50 percent or more; (2) the differential in comfort and similar intangible characteristics between two modes; and (3) the inability to account for cross-time substitutions by travelers in peak-hour conditions. Ways of avoiding these sources of error are suggested and implemented. The choice between “reported” and “measured” data is re-examined, with an emphasis on random rather than systematic perception errors by travelers. Some resulting estimates are: $1.91 per hour per adult for off-peak work trips, $2.08 for off-peak social-recreational trips, and $5.17 for peak-hour work trips.


    Access

    Access via TIB

    Check availability in my library

    Order at Subito €


    Export, share and cite



    Title :

    Avoiding specification errors in estimating the value of time


    Contributors:

    Published in:

    Publication date :

    1975




    Type of media :

    Article (Journal)


    Type of material :

    Print


    Language :

    English



    Classification :

    BKL:    55.80 Verkehrswesen, Transportwesen: Allgemeines / 74.75 Verkehrsplanung, Verkehrspolitik
    Local classification TIB:    535/7000



    Avoiding and Managing Errors: Cockpit Management

    Campbell, R.D. / Bagshaw, M. | Wiley | 2002



    Value of time sensitivity to model specification

    Gaudry, Marc J.I. / Jara-Diaz, Sergio R. / Ortuzar, Juan de Dios | Elsevier | 1988