Measurement of the Valuation of Travel Time Savings

By David A. Hensher. Journal of Transport Economics and Policy, 2001

311 citations recorded by the source corpus.

The value of travel time savings (VTTS) is a critical parameter in transport project appraisal and through its application produces the dominating user benefit, typically 60 per cent of traditionally quantified user benefits. Beesley's work in the 1960s laid the foundation for much of the subsequent applied research, especially in respect of measurement and interpretation. This paper revisits Beesley's contribution in the context of the 1960s and shows the subsequent development of his ideas.

Subfields: Economics and Econometrics, Transportation

View Paper: https://www.semanticscholar.org/paper/180e136096765c246e498a63a8edc093a22a2cd3

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Citations in the corpus

Evaluating animal welfare with choice experiments: an application to Swedish pig production (2005, background): “Several authors suggest that the fit and computation time of RPL models would be improved with fewer and more even draws from the distribution, so-called Halton draws (Bhat, 2000; Hensher, 2001; Revelt & Train, 1998).”
The Mixed Logit model: The state of practice (2003, methodology): “…combinations of conditions, contexts, circumstances or situations; geographical, spatial or environmental, characteristics that are relatively constant in one place but may vary from place to place; and particular time slices or periods in which they are embedded (Louviere and Hensher 2001).”
A UNIFIED MIXED LOGIT FRAMEWORK FOR MODELING REVEALED AND STATED PREFERENCES: FORMULATION AND APPLICATION TO CONGESTION PRICING ANALYSIS IN THE SAN FRANCISCO BAY AREA (2002, methodology): “The likelihood function in equation (6) is quite different from those in previous applications of the mixed logit model, such as Bhat (1998), Hensher (2000), and Brownstone and Train (1999).”
Revealing Differences in Willingness to Pay due to the Dimensionality of Stated Choice Designs: An Initial Assessment (2006, methodology): “Their popularity since the pioneering contributions of Louviere and Woodworth (1983) and Louviere and Hensher (1983) has spawned an industry of applications in fields as diverse as transportation, environmental science, health economics and policy, marketing, political science and econometrics.”
Investigating the distribution of the value of travel time savings (2006, methodology): “Travel time savings usually constitute a very large share of total benefits in cost benefit analyses of infrastructure projects (Hensher, 2001a, Mackie et al., 2001) and cost benefit analyses are in turn a main part of the information provided to decision makers on new projects.”
Willingness-to-Pay Estimation with Mixed Logit Models: Some New Evidence (2005, methodology): “Hensher (2001a; 2001b; 2001c) has also found higher mean WTP values for heteroscedastic and autoregressive specifications, which could indicate that mixed-logit models (with any error structure) tend to overestimate WTP values.”
Asymmetric preference formation in willingness to pay estimates in discrete choice models (2008, methodology): “These were identified from reviews of the literature and supported by the effectiveness of previous VTTS studies undertaken by Hensher (2001).”
A link based network route choice model with unrestricted choice set (2013, methodology): “The estimation of the WTP for travel time is reviewed in Hensher (2001) and Gunn (2000).”
Approximation of bayesian efficiency in experimental choice designs (2008, unknown): “…for a cycle-way network (e.g., Ortúzar et al. 2000), and to calculate Value of Travel-Time Savings (VTTS) of commuters and non-commuters (e.g., Hensher 2001a,b), whilst in marketing, choice of orange juice (e.g., Swait and Adamowicz 2001) and soft drink and holiday destination choice…”