New method values your time differently, changing how we calculate travel costs.
The article develops a method to calculate the value of time saved during travel for individuals. By using data on travel distance and time, along with personal preferences, researchers created a model to estimate how much people value their time. The study focused on birdwatching trips in Poland and found that the common practice of assuming VTTS is 1/3 of a person's wage rate is not accurate. Instead, they suggest directly asking individuals about their time value or using their full hourly wage as a better indicator.