01337479

Component

https://doi.org/10.3141/2261-10

http://scholar.google.com...uste&publication_year=2011

The recent worldwide financial crisis has imposed limitations on public and private spending on new transport infrastructures. As a result, there is a need for new stricter criteria to prioritize projects in a more socioeconomically efficient way. Project appraisal is a common tool used for this effort. The value of time (VOT) is a relevant element in the appraisal of transport projects. VOT is essential for the calculation of the gain derived from the reduction of overall travel time for users by the development of a project. Because demand for the planned infrastructure is predicted on the basis of VOT, the estimation of VOT is a key element for the determination of the global modal split. This study analyzed the influence of VOT on the profitability of railway projects. Specifically, the components affected by VOT were studied according to their presentation in a railway project appraisal manual. The analysis was performed from two points of view. First, a theoretical formulation was deduced for the relation between VOT, which was included in the cash flow of the different components identified, and the internal rate of return, which represented the profitability of an infrastructure project. Second, a practical case for a suburban railway line was studied to identify the sensitivity of the internal rate of return to VOT, that is, the influence of VOT on the profitability of the project.

01364994

11-3790

English

pp 86-94

2011

Transportation Research Record: Journal of the Transportation Research Board

9780309222969

Print

Figures (4) ; References (25) ; Tables (3)

Appraisals; Case studies; Cash flow; Passenger transportation; Profitability; Railroad transportation; Rate of return; Theoretical studies; Value of time

Intercity passenger rail; Internal rate of return; Rail extension projects

Economics; Passenger Transportation; Railroads; I10: Economics and Administration; I70: Traffic and Transport

TRIS, TRB

Feb 17 2011 6:38PM

• Analysis of Derailments by Accident Cause: Evaluating Railroad Track Upgrades to Reduce Transportation Risk
• Assessment of Wider Economic Impacts of High-Speed Rail for Great Britain
• Basic Tool Kit for Estimation of Intermodal Rail Cost
• Biobjective Optimization Model for Maintenance and Renewal Decisions Related to Rail Track Geometry
• Cluster Analysis of Intercity Rail Passengers in Emerging High-Speed Rail Corridor
• Economic Impacts of Intercity Passenger Rail Service: Evidence from Passenger Surveys
• Expanding Alaska–Canada Rail: Jointly Visualizing Revenue Freight, Development Cost, Mineral Commodity Value, and Impact of Carbon Dioxide
• Geometry of High-Speed Turnouts
• Hierarchical Network Model of Safe High-Speed Rail Operation
• High-Speed Railways in Spain: Example of Success?
• Installation of Railroad Wayside Defect Detectors: Multiperiod Design
• Integrated Optimization Model to Manage Risk of Transporting Hazardous Materials on Railroad Networks
• International Variation in Cost–Benefit Analysis of Urban Rail Projects: Impact on Outcomes
• Midwest Rail Study: Modeled Near-Field Impacts of Emissions of Fine Particulate Matter from Railyard Activities
• Noncontact Ultrasonic Guided-Wave System for Rail Inspection: Update on Project at University of California, San Diego
• Railroads and the New Normal: Impact of Lean and Green on the Future of Railroads
• Simplified Approach for Assessing Initial Fire Development and Spread in Passenger Rail Vehicles
• Track Maintenance of Heavy Haul Railways with Resilient Versus Stiff Fastenings
• Train Delay and Economic Impact of In-Service Failures of Railroad Rolling Stock
• Verification of Box Test Model and Calibration of Finite Element Model: Evaluation of Railroad Ballast Performance