A major program undertaken by hague consulting group on behalf of the dutch ministry of transport and public works is summarized. The topic investigated was travelers' valuations of savings or losses in travel time, often referred to as "value of time." Theory and previous research are outlined. The design of the study, including stated preference and revealed preference analyses, are summaized, and empirical results are presented. A number of conclusions are provided. The emphasis is on the stated preference data collection and analysis. The study provided monetary values of time changes that vary simultaneously along several household, personal, and situational dimensions, including the level of traffic congestion and the amount of free time and income available. The results contain the appropriate variables that, together with forecasts from the netherlands national traffic model, can be applied to provide economic policy evaluations at a detailed level. This paper appears in transportation research record no. 1285, Transportation forecasting 1990.
Abstract