This Paper has been prepared in response to a general concern that value of time in transport analysis, while acknowledged to be important, was not being accorded that importance in practice. At the outset it was hoped that a literature and practice review would enable some useful guidance to be given to practitioners on appropriate values for use in various circumstances. This has not been the case. What has emerged is that there is a wide range of considerations properly governing the valuation of time, and time values will vary widely with context. Existing work allows little confidence to be attached to currently available values or to generalising from prior, case-specific, estimates of values of time. What is now required is a series of rigorous estimates of time values with a view also to determining procedures for generalising and updating as required.
- The Value of Travel Time Savings in Public Sector Evaluation