What is the Value of Saving Travel Time?
This report revisits the rationale and methods for estimating the value of reductions in travel time. In doing so, it considers changes in the way people use time and specifically explores whether the value of time will fall towards zero as connected technologies allow a wide range of activities while travelling. The report also reviews evidence and methodologies to account for the utility derived from such activities, as well as implications for modelling, appraisal and policy planning. It summarises the findings of an ITF Roundtable held with 30 experts from 14 countries in September 2018 in Paris.
- Update the value of reductions in travel time periodically to reflect changes in preferences and travel patterns.
- Account for the quality of travel conditions.
- Employ stated preference surveys supported by other evidence for determining the value of reductions in travel time.
- Investigate how the use of Big Data can improve understanding of travel behaviour.
- Continue to use cost-benefit analysis in transport decision making.
- Strengthen the link between modelling, appraisal, monitoring and evaluation.