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Title: DIFFERENCES IN SUBJECTIVE AND SOCIAL VALUE OF TIME: EMPIRICAL EVIDENCE FROM TRAFFIC STUDY IN CROATIA
Accession Number: 00936100
Record Type: Component
Record URL: Availability: Transportation Research Board Business Office 500 Fifth Street, NW Find a library where document is available Abstract: Estimating the value of time (VOT) in transport is primarily an empirical question, despite some strong theoretical foundations from microeconomics. The most common estimation approach has been based on discrete choice models, which produce estimates of the users' subjective VOT. These estimates are often used as inputs into estimates of user benefits for economic appraisals. The subjective and social values are thought to be roughly equal, though several authors have analyzed the possibility of divergence between these two measures. How estimates of the subjective VOT can produce biased estimates of the social VOT is analyzed. The discussion starts with a conceptual basis for possible differences between subjective and social measures. In an empirical section, stated-preference and revealed-preference data from Croatia are analyzed. The results lend support to the hypothesis that the implied subjective VOT, as revealed by mode choice data, may in some instances be a poor approximation of the social VOT, in particular when travelers are not directly bearing the opportunity cost of their travel time.
Supplemental Notes: This paper appears in Transportation Research Record No. 1812, Transportation and Public Policy 2002.
Language: English
Corporate Authors: Transportation Research Board 500 Fifth Street, NW Authors: Vilain, P BBhandari, NPagination: p. 186-190
Publication Date: 2002
Serial: ISBN: 0309077389
Features: References
(14)
; Tables
(2)
TRT Terms: Geographic Terms: Subject Areas: Economics; Highways; Society; I10: Economics and Administration
Files: TRIS, TRB
Created Date: Jan 9 2003 12:00AM
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