The Value of Small Time Savings for Non-Business Travel
Published in: Journal of Transport Economics and Policy (JTEP), 2013
Posted on rand.org 2013
The paper addresses the issue of how small time savings are handled in the appraisal of transport proposals. A review is made of the policy of eleven governments and this is followed by a critical discussion of the treatment of small time changes have been estimated in Stated Choice (SC) studies, from the 1960s until the present day. By examining the reasons for the use of SC experiments in the past and the method's shortcomings in understanding the values of small time savings, this paper concludes there is a strong case for reconsidering the use of Revealed Preference (RP) data.