Economics, Econometrics and Finance
7 years ago

UK Travel Time Savings Values Re-estimated, Leading to Higher Estimates

European Transport Conference 2014Association for European Transport (AET)
Re-estimating UK Appraisal Values for Non-work Travel Time Savings Using Random Coefficient Logit Model
Jeff Tjiong

Paper Summary

Related papers

Theme background image
Social Sciences
8 years ago

Travel mode choice models may not accurately estimate value of time

Public Transport
Discrete Choice
1 view
Economics, Econometrics and Finance
8 years ago

New method values your time differently, changing how we calculate travel costs.

Discrete Choice
Public Transport
Built Environment
Economics, Econometrics and Finance
8 years ago

New approach to air travel choice leads to fairer pricing.

Discrete Choice
Air Transportation
Public Transport
1 view

The UK has updated the values for how much time saved during non-work trips is worth. They used a new model that considers different preferences among people. The new estimates show that the value of time saved is higher than previously thought, and people now perceive small time savings more accurately.