Unobserved and observed heterogeneity in risk attitudes: Implications for valuing travel time savings and travel time variability

2018 ◽  
Vol 112 ◽  
pp. 12-18 ◽  
Author(s):  
Zheng Li
Keyword(s):  
Travel Time ◽  
Time Variability ◽  
Risk Attitudes ◽  
Travel Time Savings ◽  
Time Savings ◽  
Travel Time Variability

scholarly journals The Response of Urban Travel Mode Choice to Parking Fees considering Travel Time Variability

2020 ◽  
Vol 2020 ◽  
pp. 1-9
Author(s):  
Ling Ding ◽  
Xu Yang
Keyword(s):  
Travel Time ◽  
Mode Choice ◽  
Time Variability ◽  
Pricing Strategies ◽  
Travel Time Reliability ◽  
Travel Mode ◽  
Multinomial Logit Models ◽  
Travel Time Savings ◽  
Automobile Use ◽  
Travel Time Variability

Increasing automobile use leads to higher costs for traveling associated with emissions, congestion, noise, and other impacts. One option to address this is to introduce high parking charges to reduce the demand for automobile use and encourage the travel mode switch to public transport. To estimate commuters’ mode choice behavior in response to high parking fees, commuters from Nanjing completed an individually customized discrete choice survey in which they chose between driving and taking the bus or metro when choices varied in terms of time and cost attributes. Multinomial logit models were used to estimate commuters’ responses to high parking charges. In the models, the variability of travel times is considered and analyzed in the stated mode choice models. The results suggest that increases in costs of driving will lead to a great reduction in driving demand. The travel time reliability ratio is 0.50 and the value of each minute late is almost 5.0 times more than the average travel time with the restriction of the maximum allowed delays. The methods used in this study could be adopted to estimate the effect of variable pricing strategies on mode choice responses for different trip purposes. The high value given to travel time variability has implications for transport policy in terms of decision making with respect to new pricing strategies. Moreover, the valuation of travel time savings taken into account in this study would be helpful to better understand the effect of high parking fees.

Road Pricing under Travel Time Variability

2019 ◽  
Author(s):  
Gege Jiang ◽  
Hong Kam LO ◽  
Zheng LIANG
Keyword(s):  
Travel Time ◽  
Road Pricing ◽  
Time Variability ◽  
Travel Time Variability

Using GTFS to Calculate Travel Time Savings Potential of Bus Preferential Treatments

2021 ◽  
pp. 036119812110092
Author(s):  
Daniel Arias ◽  
Kara Todd ◽  
Jennifer Krieger ◽  
Spencer Maddox ◽  
Pearse Haley ◽  
...  
Keyword(s):  
Travel Time ◽  
Planning Process ◽  
Operating Cost ◽  
Flow Characteristics ◽  
Travel Time Savings ◽  
Bus Lane ◽  
Time Savings ◽  
Bus Network ◽  
Bus Networks ◽  
Transit Agencies

Dedicated bus lanes and other transit priority treatments are a cost-effective way to improve transit speed and reliability. However, creating a bus lane can be a contentious process; it requires justification to the public and frequently entails competition for federal grants. In addition, more complex bus networks are likely to have unknown locations where transit priority infrastructure would provide high value to riders. This analysis presents a methodology for estimating the value of bus preferential treatments for all segments of a given bus network. It calculates the passenger-weighted travel time savings potential for each inter-stop segment based on schedule padding. The input data, ridership data, and General Transit Feed Specification (GTFS) trip-stop data are universally accessible to transit agencies. This study examines the 2018 Metropolitan Atlanta Rapid Transit Authority (MARTA) bus network and identifies a portion of route 39 on Buford Highway as an example candidate for a bus lane corridor. The results are used to evaluate the value of time savings to passengers, operating cost savings to the agency, and other benefits that would result from implementing bus lanes on Buford Highway. This study does not extend to estimating the cost of transit priority infrastructure or recommending locations based on traffic flow characteristics. However, it does provide a reproducible methodology to estimate the value of transit priority treatments, and it identifies locations with high value, all using data that are readily available to transit agencies. Conducting this analysis provides a foundation for beginning the planning process for transit priority infrastructure.

scholarly journals The value of travel time savings in freight transport: a meta-analysis

2021 ◽  
Author(s):  
Jawaher Binsuwadan ◽  
Gerard De Jong ◽  
Richard Batley ◽  
Phill Wheat
Keyword(s):  
Travel Time ◽  
Cost Benefit Analysis ◽  
Meta Analysis ◽  
Cost Benefit ◽  
Freight Transport ◽  
Survey Respondent ◽  
Analysis Method ◽  
Marginal Rate ◽  
Travel Time Savings ◽  
Time Savings

AbstractThe value of freight travel time savings (VFTTS) is a monetary value that is considered an important input into cost–benefit analysis and traffic forecasting. The VFTTS is defined as the marginal rate of substitution between travel time and cost and may therefore differ across firms, time and countries. The paper aims to explain variations in the VFTTS by using the meta-analysis method. The analysis covers 106 monetary valuations extracted from 56 studies conducted from 1988 to 2018 in countries across the globe. The meta-analysis method determines the factors that have an impact on these VFTTS variations. The paper briefly introduces the VFTTS concept and describes the adopted meta-analysis methodology, wherein different meta-models are used in VFTTS estimations. The results highlight the necessity of including multiple explanatory variables to ensure adequate explanation of the VFTTS variations. The findings also show that GDP per capita, transport mode and type of survey respondent are statistically significant variables. The paper sheds some light on the variations, thereby advancing the understanding of each factor’s effects on the VFTTS. Furthermore, meta-model outcomes are used to generate new values of travel time savings for different transport modes in freight transport, for several countries. These implied VFTTS can be used as benchmarks to assess existing evidence or provide new evidence to countries where no such values exist.

scholarly journals The effect of health benefits on the value of travel time savings in active transport

2021 ◽  
Vol 21 ◽  
pp. 101074
Author(s):  
Stefan Flügel ◽  
Knut Veisten ◽  
Hanne Beate Sundfør ◽  
Guri Natalie Jordbakke ◽  
Nina Hulleberg ◽  
...  
Keyword(s):  
Travel Time ◽  
Active Transport ◽  
Health Benefits ◽  
Travel Time Savings ◽  
Time Savings
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