Individual-level decomposition of the value of travel time savings into the value of leisure and the value of time assigned to travel (original) (raw)

This research investigates the individual-level decomposition of the value of travel time savings (VTTS) into two distinct components: the value of leisure (VoL) and the value of time assigned to travel (VTAT). By utilizing data from a time use sample of Zurich workers, a complex econometric model is employed to quantify these dimensions and their interrelations. Results reveal that while VoL reflects a positive value reflective of reductions in travel time benefiting other activities, VTAT is variable, indicating pleasure or displeasure associated with travel. Policy implications suggest prioritizing investments based on which component predominates and highlights the necessity for tailored approaches in cost-benefit analyses.