Scandinavian Working Papers in Economics

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

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

Maria Börjesson () and Jonas Eliasson ()
Additional contact information
Maria Börjesson: KTH, Postal: Centrum för Transportstudier (CTS), Teknikringen 10, 100 44 Stockholm, Sweden
Jonas Eliasson: KTH, Postal: Centrum för Transportstudier (CTS), Teknikringen 10, 100 44 Stockholm, Sweden

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

JEL-codes: C25; D61; J22; R41; R42

23 pages, March 13, 2012

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CTS2012-8.pdf PDF-file

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