Fosgerau, Mogens and Engelson, Leonid (2010): The value of travel time variance. Published in: Transportation Research Part B , Vol. 45, (February 2010): pp. 1-8.
Download (303kB) | Preview
This paper considers the value of travel time variability under scheduling preferences that are de�fined in terms of linearly time-varying utility rates associated with being at the origin and at the destination. The main result is a simple expression for the value of travel time variability that does not depend on the shape of the travel time distribution. The related measure of travel time variability is the variance of travel time. These conclusions apply equally to travellers who can freely choose departure time and to travellers who use a scheduled service with �fixed headway. Depending on parameters, travellers may be risk averse or risk seeking and the value of travel time may increase or decrease in the mean travel time.
|Item Type:||MPRA Paper|
|Original Title:||The value of travel time variance|
|Keywords:||Value of travel time; Value of travel time variability; Reliability; Scheduling preferences|
|Subjects:||D - Microeconomics > D1 - Household Behavior and Family Economics > D11 - Consumer Economics: Theory
R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R4 - Transportation Economics > R41 - Transportation: Demand, Supply, and Congestion ; Travel Time ; Safety and Accidents ; Transportation Noise
|Depositing User:||Prof. Mogens Fosgerau|
|Date Deposited:||30 Oct 2012 18:58|
|Last Modified:||16 Apr 2017 02:14|
Abkowitz, M.D., 1981. An analysis of the commuter departure time decision. Transportation 10 (3), 283–297.
Arnott, R.A., de Palma, A., Lindsey, R., 1993. A structural model of peak-period congestion: a traffic bottleneck with elastic demand. American Economic Review 83 (1), 161–179.
Bates, J., Polak, J., Jones, P., Cook, A., 2001. The valuation of reliability for personal travel. Transportation Research Part E 37 (2–3), 191–229.
Becker, G.S., 1965. A theory of the allocation of time. Economic Journal 75 (299), 493–517.
DeSerpa, A.C., 1971. A theory of the economics of time. The Economic Journal 81 (324), 828–845.
Ettema, D., Ashiru, O., Polak, J.W., 2004. Modeling timing and duration of activities and trips in response to road-pricing policies. Transportation Research Record 1894, 1–10.
Fosgerau, M., 2009. The marginal social cost of headway for a scheduled service. Transportation Research Part B 43 (8–9), 813–820.
Fosgerau, M., Karlstrom, A., 2010. The value of reliability. Transportation Research Part B 44 (1), 38–49.
Gunn, H., 2001. Spatial and temporal transferability of relationships between travel demand, trip cost and travel time. Transportation Research Part E 37 (2– 3), 163–189.
Moore, A.J., Jovanis, P.P., Koppelman, F.S., 1984. Modeling the choice of work schedule with flexible work hours. Transportation Science 18 (2), 141–164.
Neveu, A.J., Koeppel, K.-W.P., 1980. Who switches to alternative work hours and why. Transportation Research Record 767, 7–12.
Noland, R.B., Small, K.A., 1995. Travel-time uncertainty, departure time choice, and the cost of morning commutes. Transportation Research Record 1493, 150–158.
Ott, M., Slavin, H., Ward, D., 1980. Behavioral impacts of flexible working hours. Transportation Research Record 767, 1–6.
Small, K., 1982. The scheduling of consumer activities: work trips. American Economic Review 72 (3), 467–479.
Small, K.A., Winston, C., Yan, J., 2005. Uncovering the distribution of motorists’ preferences for travel time and reliability. Econometrica 73 (4), 1367–1382.
Tseng, Y.Y., Verhoef, E.T., 2008. Value of time by time of day: a stated-preference study. Transportation Research Part B 42 (7–8), 607–618.
Vickrey, W.S., 1969. Congestion theory and transport investment. American Economic Review 59 (2), 251–261.
Vickrey, W.S., 1973. Pricing, metering, and efficiently using urban transportation facilities. Highway Research Record 476, 36–48.
Wang, J.J., 1996. Timing utility of daily activities and its impact on travel. Transportation Research Part A 30 (3), 189–206.
Zhang, X., Yang, H., Huang, H.-J., 2005. Integrated scheduling of daily work activities and morning–evening commutes with bottleneck congestion. Transportation Research Part A 39 (1), 41–60.