THREE CONTROVERSIES IN THE VALUATION OF TRAVEL TIME SAVINGS

Abstract

This paper reports the outcome of a project for DTLR on implementation of revised values for travel time savings following the publication of the Hague/Accent study and the 1999 SACTRA recommendations. The paper re-examines key relationships between travel time values and journey purpose, journey length, sign and size of time savings, income and other socioeconomic characteristics. The issue of the intertemporal value of time is also considered. The paper reports relevant analysis from a variety of theoretical and empirical studies, and considers evidence from other countries on how time values are segmented for practical appraisal work. Finally, the paper concludes with recommendations for UK official procedures. For the covering abstract see ITRD E115303.