The value of travel time savings in the light of a literature review
Abstract
Prior to the proliferation of mobile communication and smart devices, as well as broadband internet access, travelling meant a forced isolation in most cases, so determining the value of time lost while traveling had great importance. The development of infocommunications has changed travel habits, yet determining the value of travel time savings (VTTS) has remained an important element evaluating transport infrastructure and service improvements. In addition to theoretical calculation methods based mainly on willingness to pay, the Hensher formula plays an important role, the latter can be used primarily to evaluate the time savings of work-related travel. Due to the limitations of the theoretical calculations, empirical studies play a decisive role in the exploration of travel time savings— this is presented in details in our paper. In addition to presenting the theory of determining VTTS, we examined studies that are relevant to the topic and that present novel results in their methods and applications.
Based on the results of the studies, we found that the time value of the trips is influenced by a significant number of effects, therefore the determination of the time value can only be managed with caution and with the help of a model that also takes local characteristics into account.
References
Kisgyörgy L. Utak. Typotex Kiadó: Budapesti Műszaki és Gazdaságtudományi Egyetem, 2013.
Hensher DA. Valuation of travel time savings. In: A Handbook of Transport Economics. Edward Elgar Publishing Limited: United Kingdom, 2011: 135–159.
Munkácsy A. A közlekedés alapfogalmai, a közlekedés szerepe a turizmusban. In: Munkácsy A, Jászberényi M, editors. Közlekedés, mobilitás, turizmus. Akadémiai Kiadó, 2018.
Földes D, Csiszár C. Route plan evaluation method for personalised passenger information service. Transport 2015;30 (3):273–285. DOI: https://DOI.org/fxwh
Keserű I, Macharis C. Travel-based multitasking: review of the empirical evidence. Transp Rev 2018;38(2):162–183. DOI: https://DOI.org/ggw58d
Munkácsy A, Strommer T, Lieszkovszky JP. Utazás közbeni tevékenységek leltára. In: Közlekedéstudományi Konferencia: A közlekedés jövője – a jövő közlekedése. Győr, Magyarország, 2020: 776–787.
Munkácsy A, Strommer T. Csúcsidei utasok által végzett tevékenységek a budapesti metrón. In: Közlekedéstudományi Konferencia: A közlekedés jövője – a jövő közlekedése. Győr, Magyarország, 2020: 767–775.
Kocsis L, Török Á. Idő alapú vasúthálózati értékelési eljárás. Közlekedéstudományi Szemle 2011;61(3):54–59.
Ficzere P, Ultmann Z, Török Á. Time–Space Analisys of Transport System Using Different Mapping Methods.
Transport 2014;29(3):178–284. DOI: https://doi.org/ggw57s
Fleischer T, Tir M. The transport in our time-budget. Reg Stat 2016;6(2):54–94. DOI: https://doi.org/fxwj
Fleischer T, Tir M. Hazai közlekedési időmérleg elemzés. Közlekedéstudományi Szemle 2018;68(2):7–22. DOI: https://doi.org/cxmc
Kincses Á, Tóth G. Magyarország térszerkezetének változásai 1870-től napjainkig. Statisztikai Szle 2020;98(6):522–546. DOI: https://doi.org/fxwk
Szabó Z, Sipos T. Separation effects in a microregion: traffic volume estimation between the settlements of Lake Velence. Reg Stat 2020;10(2):186–205. DOI: https://doi.org/fxwm
Hörcher D, Graham DJ, Anderson RJ. Crowding cost estimation with large scale smart card and vehicle location data. Transp Res Part B Methodol 2017;95:105–125. DOI: https://doi.org/f9qbnk
Keserű I, Bulckaen J, Macharis C, Minnen J, Glorieux I, van Tienoven PT. Is travel time wasted? Evidence from a time use survey in Flanders, Belgium. Windsor, United Kingdom, 2015 DOI: https://doi.org/fxwn
Munkácsy A, Keserű I, Siska M. Travelbased multitasking on public transport: an empirical research in Hungary. Period Polytech Transp Eng;(megjelenés alatt).
Mackie P, Batley R, Worsley T. Valuing transport investments based on travel time savings—a response to David Metz. Case Stud Transp Policy 2018;6(4):638–641. DOI: https://doi.org/fxwp
Marsden G. All Change? The future of travel demand and the implications for policy and planning. Comission on Travel Demand, 2018 http://www.demand.ac.uk/wp-content/uploads/2018/04/FutureTravel_report_final.pdf (accessed 23 Nov 2020).
Wardman M, Batley R, Laird J, Mackie P, Bates J. How should business travel time savings be valued? Econ Transp 2015;4 (4):200–214. DOI: https://doi.org/fxwq
Walker JL, Ben-Akiva M. Advances in discrete choice: mixture models. In: A Handbook of Transport Economics. Edward Elgar Publishing Limited: United Kingdom, 2011: 160–187.
Schmid B, Jokubauskaite S, Aschauer F, Peer S, Hössinger R, Gerike R, et al. A pooled RP/SP mode, route and destination choice model to investigate mode and user-type effects in the value of travel time savings. Transp Res Part Policy Pract 2019;124:262–294. DOI: https://doi.org/djxh
Rich J, Vandet CA. Is the value of travel time savings increasing? Analysis throughout a financial crisis. Transp Res
Part Policy Pract 2019;124:145–168. DOI: https://doi.org/gf8zcj
Wardman M. Public transport values of time. Transp Policy 2004;11(4):363–377. DOI: https://doi.org/bh2zv2
Douglas N, Wallis IP. Predicting the Value of Public Transport In-Vehicle Time. Australasian Transp Res Forum 2013. https://www.australasiantransportresearchforum.org.au/sites/default/files/2013_douglas_wallis.pdf (accessed 2 Dec 2020).
Mackie PJ, Jara-Díaz S, Fowkes AS. The value of travel time savings in evaluation. Transp Res Part E Logist Transp Rev 2001;37(2–3):91–106. DOI: https://doi.org/cvfdkj
Strommer T, Munkácsy A, Lieszkovszky JP. Utasok fedélzeti tevékenységeinek vizsgálata ingázás és távolsági utazás során. Budapest, 2020.
Hensher DA. Influence of vehicle occupancy on the valuation of car driver’s travel time savings: Identifying important behavioural segments. Transp Res Part Policy Pract 2008;42(1):67–76. DOI: https://doi.org/dfwdsb
Kaddoura I, Nagel K. Agent-based Congestion Pricing and Transport Routing with Heterogeneous Values of Travel Time Savings. Procedia Comput Sci 2016;83:908–913. DOI: https://doi.org/fxwr
Jo Y, Kim J, Oh C, Kim I, Lee G. Benefits of travel time savings by truck platooning in Korean freeway networks. Transp Policy 2019;83:37–45. DOI: https://doi.org/gh6crs
Kolarova V, Steck F, Bahamonde-Birke FJ. Assessing the effect of autonomous driving on value of travel time savings: A comparison between current and future preferences. Transp Res Part Policy Pract 2019;129:155–169. DOI: https://doi.org/ggzwzp
Jara-Diaz SR. Allocation and Valuation of Travel Time Savings. In: Hensher DA, Button KJ, editors. Handbook of Transport Modelling. Elsevier Science Ltd.: Kidlington, United Kingdom, 2000: 303–319.
Garsous G, Suárez-Alemán A, Serebrisky T. Cable cars in urban transport: Travel time savings from La Paz-El Alto
(Bolivia). Transp Policy 2019;75:171–182. DOI: https://doi.org/gh6b8g
Merkert R, Beck M. Value of travel time savings and willingness to pay for regional aviation. Transp Res Part Policy Pract 2017;96:29–42. DOI: https://doi.org/f9q8d8
Román C, Martín JC, Espino R, Cherchi E, Ortúzar J de D, Rizzi LI, et al. Valuation of travel time savings for intercity travel: The Madrid-Barcelona corridor. Transp Policy 2014;36:105–117. DOI: https://doi.org/fxws
Börjesson M, Eliasson J. Experiences from the Swedish Value of Time study. Transp Res Part Policy Pract 2014;59:144–158. DOI: https://doi.org/f24m6d
Kouwenhoven M, de Jong GC, Koster P, van den Berg VAC, Verhoef ET, Bates J, et al. New values of time and reliability in passenger transport in The Netherlands. Res Transp Econ 2014;47:37–49. DOI: https://doi.org/fxwt
Axhausen KW, Ehreke I, Glemser A, Hess S, Jödden C, Nagel K, et al. Ermittlung von Bewertungsansätzen für
Reisezeiten und Zuverlässigkeit auf Basis der Schätzung eines Modells für modale Verlagerungen im nicht-gewerblichen und gewerblichen Personenverkehr für die Bundesverkehrswegeplanung: FE-Projekt 96.996/2011 Zeitkosten Personenverkehr. Entwurf Schlussbericht. ETH Zurich, 2014.
Ivehammar P. Valuing environmental quality in actual travel time savings – The Haningeleden road project in Stockholm. Res Transp Econ 2014;48:349–356. DOI: https://doi.org/f248t6
Weis C, Kowald M, Danalet A, Schmid B, Vrtic M, Axhausen KW, et al. Surveying and analysing mode and route choices in Switzerland 2010–2015. ETH Zürich Research Collection 2020;:30. DOI: https://doi.org/fxwv
Bouscasse H, de Lapparent M. Perceived comfort and values of travel time savings in the Rhône-Alpes Region. Transp Res Part Policy Pract 2019;124:370–387. DOI: https://doi.org/ggw592
Articles published electronically are open access (OJS), freely available online and can be downloaded. Authors of articles are not charged any publication or publishing costs (APC). Users have the right to read, download, copy, print, and search the articles, or share the full text with a link.
Authors must declare that their submission has not been previously published in another journal, that financial support has been acknowledged, and that the list of references is complete and accurate, including specification of URLs and DOIs (if available). When submitting a draft article, each author approves the submitted version. Authors guarantee that the article is their original work. Authors are required to participate in the peer review process, follow the advice of reviewers, meet the prescribed deadlines, and, if any, withdraw the submission or correct errors.
All submitted articles are subject to peer review, where the editors request an independent evaluation from at least one expert, ensuring that the reviewer(s) have no conflicts of interest with the authors. The final decision is made by the Editor-in-Chief, who takes into account the evaluations and the suggestions of the editors. The editors and reviewers treat the submission confidentially.
The publisher and editors are committed to maintaining high ethical standards and to preventing publications that involve research misconduct. They follow the COPE guidelines on such ethical issues.
The authors retain copyright and grant the journal the right of first publication under the Creative Commons License (https://creativecommons.org/licenses/by-nc-nd/4.0), which allows others to share the work, while acknowledging the authorship of the work and the first publication in the journal.
The journal archives all published articles, and the journal's owner, the Hungarian Society of Transportation Sciences, will continue to operate the database even if the journal ceases to be published.
