Theoretical analysis on the variation of value of travel time savings

This paper theoretically examines whether and how the value of travel time savings changes with the travel and individual socio-economic environments. A time allocation model for the general case of travel behavior is proposed following a review of basic theories of the value of time. Under some general assumptions, changes of value of travel time savings with travel time, travel cost, wage rate, and work time are examined by the comparative static analysis. Differences between the variation of the value of travel time savings and value of time as a resource are also discussed. The results provide the variation mechanisms of the value of time and verify some of the results of empirical studies.

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