Publications
Change search
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf
Valuation of Travel Time Variability in Scheduling versus Mean-Variance Models
2010 (English)In: Proceedings of the 2010 World Conference on Transport Research, 2010Conference paper, Published paper (Refereed)
Abstract [en]

The standard method to estimate valuations of travel time variability for use in appraisal is to estimate the parameters of a reduced-form utility function, where some measure of travel time variability (such as the standard deviation) is included. A recently discovered problem with this approach is that the obtained valuation will in general depend on the standardized travel time distribution, and hence cannot be transferred from one context to another. Instead, we test another recently suggested approach: estimating a scheduling model and then deriving an implied reduced formexpression, which can be used for appraisal. The valuations implied by the scheduling model turn out to deviate substantially from a reduced-form model estimatedon the same sample. We conclude that the scheduling model – in the way it is usually interpreted and estimated – is not able to capture the entire disutility of travel time variability. Hence, although it can be shown that scheduling and reduced-form models are "theoretically equivalent", they are apparently not "empirically equivalent". We hypothesize that the derivation of reduced-form models from an underlying scheduling model omits two essential features: first, the notion of an exogenously fixed ―preferred arrival time neglects the fact that most activities can be rescheduled given full information about the travel times in advance, and second, disutility may be derived from uncertainty as such, in the form of anxiety, decisions costs or costs for having contingency plans. Finally, we report our best estimates of the valuation of travel time variability for public transit trips, for use in applied appraisal.

Place, publisher, year, edition, pages
2010.
Keywords [en]
Journey time, Variability, Mathematical model, Evaluation (assessment)
National Category
Transport Systems and Logistics
Research subject
10 Road: Transport, society, policy and planning, 11 Road: Personal transport
Identifiers
URN: urn:nbn:se:vti:diva-12349OAI: oai:DiVA.org:vti-12349DiVA, id: diva2:1139062
Conference
12th World Conference on Transport Research Society, WCTRS 2010. Lisbon, Portugal. July 11-15, 2010
Available from: 2017-09-06 Created: 2017-09-06 Last updated: 2017-09-27Bibliographically approved

Open Access in DiVA

No full text in DiVA

Authority records BETA

Börjesson, Maria

Search in DiVA

By author/editor
Eliasson, JonasFranklin, JoelBörjesson, Maria
Transport Systems and Logistics

Search outside of DiVA

GoogleGoogle Scholar

urn-nbn

Altmetric score

urn-nbn
Total: 1 hits
CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf