Year: 2014
Type: preprint
Abstract: Travel time savings are usually the most substantial economic benefit of transport infrastructure projects. However, questions surround whether small time savings are as valuable per unit as larger savings. Thresholds in individual choice behaviour are one reason cited for a discounted unit value for small time savings. We demonstrate different approaches for modelling these thresholds using synthetic and stated choice data. We show that the consideration of thresholds is important, even if the discounted unit value for small travel time savings is rejected for transport project appraisal. If an existing threshold is ignored in model estimation, the value of travel time savings will be biased. The presented procedure might also be useful to model thresholds in other contexts of choice behaviour.
Source: arXiv (Cornell University)
Authors: Obermeyer, Andy, Treiber, Martin, Evangelinos, Christos
Language: English
Subfield: Transportation
Field: Social Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W288393369