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CTS - Centre for Transport Studies Stockholm (KTH and VTI)
CTS - Centre for Transport Studies Stockholm (KTH and VTI) CTS - Centre for Transport Studies Stockholm (KTH and VTI)
Working papers in Transport Economics

No 2012:8:
Experiences from the Swedish Value of Time study

Maria Börjesson () and Jonas Eliasson

Abstract: We provide a synthesis of results and insights from the Swedish Value of Time study, with focus on what is relevant for transport appraisal and understanding travel behaviour. We summarize recent econometric advances, and show how these enable a better understanding and identification of the value of time distribution. The influence of the sign and size of changes is estimated and discussed, including the problems of loss aversion and the value of small time savings. Further, we show how the value of time depends on trip and traveller characteristics, discuss in what dimensions the value of time should be differentiated in appraisal, and provide recommended values for use in applied transport appraisal.

Keywords: Value of time; Appraisal; Cost-benefit analysis; Travel behaviour; Weighted cost-benefit analysis; (follow links to similar papers)

JEL-Codes: C25; D61; J22; R41; R42; (follow links to similar papers)

23 pages, March 13, 2012

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