Abstract
THE PAPER REPORTS ON AN ATTEMPT TO ESTIMATE THE VALUE OF TRAVEL TIME IN GREECE TO OBTAIN VALUES COMPREHENSIVE ENOUGH TO BE USED FOR NATIONAL TRANSPORT PLANNING. ESTIMATES OBTAINED SUGGEST THAT AVERAGE VALUES ARE 86-97 PER CENT OF WORKERS GROSS WAGE RATE FOR BUSINESS TRAVEL AND 25-26 PER CENT FOR NON-BUSINESS TRAVEL. THE MULTINOMIAL LOGIT MODEL DESCRIBED IS EMPLOYED TO SIMULATE THE ALLOCATION OF PASSENGERS ACROSS MODES, AND PRICE AND TRAVEL TIME COEFFICIENTS, WHICH BEST EXPLAIN THE OBSERVED MODE SHARES, ARE ESTIMATED. FROM THESE COEFFICIENTS MONETARY VALUES OF TRAVEL TIME ARE CALCULATED. THE SENSITIVITY OF VALUES OF TIME TO INCOME, MEASURED BY CAR OWNERSHIP AND DISTANCE VARIABLES, IS TESTED. (Author/publisher).