A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
On the income elasticity of the value of travel time
Highlights ► We analyze two identical SP experiments on value of travel time (VTT) 13years apart. ► The cross-sectional and inter-temporal income elasticity of the VTT is found equal. ► It is thus sufficient to use income elasticities from cross-sections in forecasts. ► The income elasticity of the VTT is not uniform but increases with income. ► The average income elasticity of the VTT seems to increase over time.
Abstract Transport infrastructure is long-term and in appraisal it is necessary to value travel time savings for future years. This requires knowing how the value of time (VTT) will develop over time as incomes grow. This paper investigates if the cross-sectional income elasticity of the VTT is equal to inter-temporal income elasticity. The study is based on two identical stated choice experiments conducted with a 13year interval. Results indicate that the relationship between income and the VTT in the cross-section has remained unchanged over time. As a consequence, the inter-temporal income elasticity of the VTT can be predicted based on cross-sectional income elasticity. However, the income elasticity of the VTT is not a constant but increases with income. For this reason, the average income elasticity of the VTT in the cross-sections has increased between the two survey years and can be expected to increase further over time.
On the income elasticity of the value of travel time
Highlights ► We analyze two identical SP experiments on value of travel time (VTT) 13years apart. ► The cross-sectional and inter-temporal income elasticity of the VTT is found equal. ► It is thus sufficient to use income elasticities from cross-sections in forecasts. ► The income elasticity of the VTT is not uniform but increases with income. ► The average income elasticity of the VTT seems to increase over time.
Abstract Transport infrastructure is long-term and in appraisal it is necessary to value travel time savings for future years. This requires knowing how the value of time (VTT) will develop over time as incomes grow. This paper investigates if the cross-sectional income elasticity of the VTT is equal to inter-temporal income elasticity. The study is based on two identical stated choice experiments conducted with a 13year interval. Results indicate that the relationship between income and the VTT in the cross-section has remained unchanged over time. As a consequence, the inter-temporal income elasticity of the VTT can be predicted based on cross-sectional income elasticity. However, the income elasticity of the VTT is not a constant but increases with income. For this reason, the average income elasticity of the VTT in the cross-sections has increased between the two survey years and can be expected to increase further over time.
On the income elasticity of the value of travel time
Börjesson, Maria (author) / Fosgerau, Mogens (author) / Algers, Staffan (author)
Transportation Research Part A: Policy and Practice ; 46 ; 368-377
2011-10-11
10 pages
Article (Journal)
Electronic Resource
English
On the income elasticity of the value of travel time
| Online Contents | 2012
TIBKAT | 1976
| NTIS | 1976
| British Library Online Contents | 2006