|M.Sc Student||Berger Pinchas|
|Subject||Travel Demand and the Value of Time - Theoratical and|
|Department||Department of Architecture and Town Planning||Supervisors||Professor Emeritus Daniel Shefer|
|Professor Yoram Shiftan|
|Full Thesis text - in Hebrew|
Any investment in urban infrastructure must be economically justified in terms of time-saving potential and pollution and accident reductions. At the same time, urban vitality is inextricably linked to the overall quality and functional viability of its transportation infrastructure.
This work stems from the need to quantify the time component in assessing urban transportation infrastructure projects. By presenting a detailed chronological account of the entire time valuation research concentration, we seek to provide a solid basis for understanding the multiplicity of time values.
The discourse commences with a description of the aggregate approach to time valuation, which proposes to quantify a social value of time. Public authorities can then dutifully employ this distilled time value in their cost/benefit evaluation of a tendered project. This approach is followed by its counterpart, the disaggregate approach, which is based on painstaking analysis of the characteristics and preferences of the individual. The aim here is to assign a constant social value to time-saving that might then be assimilated into cost/benefit analysis. Several micro-economic behavioral approaches to time valuation evolved from these efforts, all based on time allocation theories and incessant testing of the individual's willingness to pay for travel time saving. The paper goes on to describe two empirical implementations of the disaggregate approach: the discrete choice probability model and the activity based model.
The second part of this paper catalogs different time values into types, via recourse to myriad time valuation assessment studies. The variety of techniques and statistical tools used by researchers in generating time values serves to define and explain the different value types.
Following the catalog of time values, some directions for future travel-time research are discussed. This part focuses on a comparative examination of time values based on a substantial number of studies, in which they are divided according to three key approaches to time valuation: 1) direct time valuation according to the individual's willingness to pay for travel time saving; 2) assignment of travel time saving values according to wage rates; and 3) choice model generation of time values.
The paper concludes in the main that there is no single universal time value. Time values vary according to trip characteristics, traveler characteristics, research approaches and geographic and historical circumstances. Moreover, there is a behavioral pattern behind any time value, and the choice of a particular time value is a factor per se in economically justifying transportation infrastructure projects.