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Should values of time be differentiated?
KTH. Swedish Natl Rd & Transport Res Inst, Stockholm, Sweden..ORCID iD: 0000-0001-9235-0232
Stockholm City Transportat Adm, Stockholm, Sweden..
2019 (English)In: Transport reviews, ISSN 0144-1647, E-ISSN 1464-5327, Vol. 39, no 3, p. 357-375Article in journal (Refereed) Published
Abstract [en]

We explore the issue of differentiating the valuation of travel time savings (VTTS) in transport cost-benefit analysis, summarising and discussing theories forming the basis for arguments for and against VTTS differentiation. We stress some important implications, insights and consequences of different assumptions relating to these theories, many of which we feel have been underappreciated in much of the CBA literature and practice. We derive a welfare rule including a social cost for monetary redistributions and show the implications for how the VTTS can be defined in different choice situations. Crucially, the applicable VTTS definition depends on whether travel costs (fares) are under public control and to whom benefits accrue in the long run. In some choice situations, the VTTS should be controlled for differences in income, but it is important to always take into account differences in marginal utilities of time (e.g. across travel time components, modes and trip purposes). Using Swedish data, we show that controlling the VTTS for income differences changes the VTTS only slightly; the variation in VTTS across modes, trip lengths, trip purposes apparently stems primarily from differences in marginal utilities of time rather than income.

Place, publisher, year, edition, pages
TAYLOR & FRANCIS LTD , 2019. Vol. 39, no 3, p. 357-375
Keywords [en]
Appraisal, cost benefit analysis, equity value of time, behavioural value of time, value of time
National Category
Civil Engineering
Identifiers
URN: urn:nbn:se:kth:diva-247799DOI: 10.1080/01441647.2018.1480543ISI: 000460522000005Scopus ID: 2-s2.0-85048373508OAI: oai:DiVA.org:kth-247799DiVA, id: diva2:1301173
Note

QC 20190401

Available from: 2019-04-01 Created: 2019-04-01 Last updated: 2019-04-01Bibliographically approved

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Börjesson, Maria

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CiteExportLink to record
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Citation style
  • apa
  • ieee
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Output format
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