How should business travel time savings be valued?

Economics of Transportation

Volumn 4, Issue 4, 2015, Pages 200-214

  Wardman, Mark ^a   Batley, Richard ^a   Laird, James ^a   Mackie, Peter ^a   Bates, John ^b  

^a UNIVERSITY OF LEEDS   (United Kingdom)

^b John Bates Services   (United Kingdom)

Author keywords

Appraisal; Business Travel; Hensher Equation; Review; Valuations

Indexed keywords

EID: 84941254126     PISSN: 22120122     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ecotra.2015.08.003     Document Type: Article

References (38)

1. Abrantes P.A.L., Wardman M. Meta-analysis of U.K. values of time: an update. Transp. Res. A 2011, 45(1):1-17.
2. Accent Marketing and Research, Hague Consulting Group and Steer Davies Gleave, 1989. InterCity Business Travel Price Elasticity Research. Prepared for InterCity Marketing Planning Manager, British Railways Board.
3. Algers, S., Dillen, J.L., Widlert, S., (1995)g. The National Swedish Value of Time Study. In: Proceedings of Seminar F. PTRC Summer Annual Meeting.
4. Batley R. The Hensher equation: derivation, interpretation and implications for practical implementation. Transportation 2015, 42(2):257-275.
5. Beca Carter Hollings and Ferner, Steer Davies Gleave, Forsyte Research, Brown Copeland & Co., (2002)i Project Evaluation Benefit Parameter Values. Prepared for Transfund New Zealand.
6. Bickel P., Burgess A., Hunt A., Laird J., Lieb C., Lindberg G., Odgaard T. State-of-the-art in Project Assessment. HEATCO Deliverable 2. HEATCO - Developing Harmonised European Approaches for Transport Costing and Project Assessment. Funded by the 6th Framework RTD Programme. IER Stuttgart, Germany 2005, Available online at: http://heatco.ier.uni-stuttgart.de/.
7. Carruthers R.C., Hensher D.A. Resource value of business air travel time. Modal Choice and Value of Travel Time 1976, 164-185. Oxford University Press, Oxford. I.G. Heggie (Ed.).
8. Coburn T.M., Beesley M.E., Reynolds D.J. The London-Birmingham Motorway (Road Research Technical Paper 46) 1960, HMSO, London.
9. De Jong, G., Kroes, E., Plasmeijer, R., Vermeulen, J., Boon, B., den Boer, E., 2004. Value of Time and Value of Safety Guidelines for Transport Project. Prepared for the European Investment Bank.
10. De Jong, G., Tegge, O., Dohmen, R., Ettema, D.F., Hamer, R.N., Massiani, J., van Vuren, T., 1998. Review of Existing Evidence on Time and Cost Elasticities of Travel Demand and on Value of Travel Time. TRACE Deliverable 1. Prepared for the European Commission Directorate-General for Transport.
11. Department for Transport, 2014. Wider Impacts: Transport Analysis Guidance (TAG) A2-1. 〈〉. http://www.dft.gov.uk/webtag.
12. Douglas, N.J., Wallis, I.P., 2013. Predicting the Value of Public Transport In-Vehicle Time. Paper presented at the Australasian Transport Research Forum. Brisbane, Australia.
13. Foster C.D., Beesley M.E. Estimating the benefits of constructing an underground line in London. J. R. Stat. Soc. Ser. A 1963, 126(1):pp46-58.
14. Fowkes A.S. Principles of Valuing Business Travel Time Savings. Working Paper 562, Institute for Transport Studies 2001, University of Leeds, Leeds, Available on-line at: http://eprints.whiterose.ac.uk/2064/1/ITS39_WP562_uploadable.pdf.
15. Fowkes, A.S., Marks, P., Nash, C.A., (1986)b. The Value of Business Travel Time Savings (Working Paper 214) Institute for Transport Studies, University of Leeds.
16. Hague Consulting Group, (1990a)d. The Netherlands' Value of Time Study: Final Repor. Prepared for Dienst Verkeerskunde Rijkswaterstaat.
17. Hague Consulting Group, (1990b)d. Further Analyses of the Netherlands Value of Time Study. Public Transport Survey Data. Final Report to Ministerie Van Verkeer en Waterstaat.
18. Hague Consulting Group, (1998)e. Value of Dutch Travel Time Savings in 1997. Final Report to Rijkswaterstaat - AVV.
19. Hague Consulting Group, (1999)c. Accent Marketing and Research and Department for Environment, Transport and the Regions. The Value of Travel Time on UK Roads. The Hague.
20. Harrison A.J. The Economics of Transport Appraisal 1974, Croom Helm, London.
21. Hensher D.A. Valuation of travel time savings. A Handbook of Transport Economics 2011, 135-159. Edward Elgar Press, Cheltenham. A. de Palma, R. Lindsey, E. Quinet, R. Vickerman (Eds.).
22. Hensher, D.A., (1977)a. Value of Business Travel Time. Pergamon Press.
23. Hensher D.A. Review of studies leading to existing value of travel time. Transp. Res. Record 1976, 587:30-41.
24. Kato H. On the value of business travel time savings: derivation of Hensher's Formula. Transp. Res. Record: J. Transp. Res. Board 2013, 2343:34-42.
25. Laird, J.J., Bates, J., Mackie, P.J., 2013. Peer Review of Proposals for Updated Values of Travel Time Savings. Report to Department for Transport. Report dated 20th October 2013. 〈〉. https://www.gov.uk/government/publications/peer-review-of-proposals-for-updated-values-of-travel-time-savings.
26. Mackie, P., Worsley, T., 2013. International Comparisons of Transport Appraisal Practice: Overview Report. Report to the UK Department for Transport by the Institute for Transport Studies, University of Leeds. Available online at: http://https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/209530/final-overview-report.pdf.
27. Mackie, P.J., Wardman, M., Fowkes, A.S., Whelan, G.A., Nellthorp, J., Bates, J., 2003. Value of Travel Time Savings in the UK. Prepared for the Department for Transport.
28. Mott MacDonald, Hugh Gunn Associates, TRI Napier University, Accent, Mark Bradley Research and Consulting, (2009)k. Productive Use of Rail Travel Time and the Valuation of Travel Time Savings for Rail Business Travellers. Final Report to the Department for Transport.
29. Ramjerdi, F., Rand, L., Sætermo, I.A. and Sælensminde, K., (1997)h. The Norwegian Value of time Study Part 1. TØI Report 379. Report to Ministry of Transport and Communications, The Norwegian Railways, the Norwegian Public Road Administration and the Norwegian civil Aviation Administration.
30. Shires J.D., de Jong G.C. An international meta-analysis of values of travel time savings. Eval. Program Plan. 2009, 32(4):pp315-325.
31. Significance, VU University Amsterdam, John Bates, (2012)f. Value of Time and Reliability in Passenger and Freight Transport in the Netherlands. Report for the Ministry of Infrastructure and the Environment, The Hague.
32. Small K.A. Valuation of travel time. Econ. Transp. 2012, 1(1):2-14.
33. VSS, (2009)j. SN 641 822a Zeitkosten im Personenverkehr: Kosten-Nutzen-Analysen im Strassenverkehr, EK 2.02, VSS, Zürich.
34. Waters W.G. The Value of Time Savings for the Economic Evaluation of Highway Investments in British Columbia 1992, Centre for Transportation Studies, University of British Columbia.
35. Wardman, M., Chintakayala, P., de Jong, G., Ferrer, D. 2013a. European Wide Meta-Analysis of the Value of Travel Time. Report to the European Investment Bank.
36. Wardman, M., Batley, R., Laird, J., Mackie, P., Fowkes, A., Lyons, G., Bates, J., Eliasson, J., 2013b. Valuation of Travel Time Savings for Business Travellers. Report for Department for Transport. 〈〉. https://www.gov.uk/government/publications/values-of-travel-time-savings-for-business-travellers.
37. Wardman, M., Batley, R., Laird, J., Mackie, P., Fowkes, A., Lyons, G., Bates, J., Eliasson, J., 2013c. Valuation of Travel Time Savings for Business Travellers. Annexes to Main Report. Report for Department for Transport. 〈〉. https://www.gov.uk/government/publications/values-of-travel-time-savings-for-business-travellers.
38. Wardman M., Whelan G. Twenty Years of Rail Crowding Valuation Studies: Evidence and Lessons from British Experience. Transport Reviews 2011, 31(3):379-398.