Valuation of Time Savings
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World Bank, Washington, DC
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This note has been drawn from a number
of texts including "The Value of Time In Economic
Evaluation of Transport Projects" (Gwilliam, 1997),
"Values of Travel Time Savings in the UK - Summary and
Conclusions" (Mackie et al, 2003), and "The Value
of Time in least Developed Countries" (IT Transport,
2002). The conceptual basis for valuing time is discussed in
Section 1. Sections 2 and 3 discuss the theoretical basis
for valuing work time savings and non-work time savings
respectively, while Sections 4 and 5 discuss the value of
time savings to buses, and to freight. The treatment of
small time savings are presented in Sections 6 and 7.
Section 8 sets out the manner that disparities between
regions for values of time should be treated within the cost
benefit analysis, and the use of standard values of time.
Section 9 summarizes the practical methodologies that should
be used for the estimation of travel time savings, while
Section 10 summarizes the key recommendations of this note.
Palabras clave
AGRICULTURE, ALTERNATIVE USE, BUS, BUSES, CHOICE OF MODE, COMMERCIAL VEHICLES, COMMUTING, CONSUMER SURPLUS, COST BENEFIT ANALYSIS, COST EFFECTIVENESS, COSTS PER TRIP, DRIVERS, DRIVING, ECONOMIC EVALUATION, ECONOMIC THEORY, ECONOMIC VALUE, FORECASTS, FRAMEWORK, FREIGHT TRAFFIC, FREIGHT TRANSPORT, GDP, GDP PER CAPITA, INCOME, INCOME GROUPS, INCOME LEVELS, INTERVIEWS, JOURNEY, JOURNEY LENGTH, JOURNEY PURPOSES, JOURNEY TIME, JOURNEY TO WORK, LONG DISTANCES, MARGINAL COST, MARGINAL COST OF PRODUCTION, MARGINAL PRODUCTIVITY, MARGINAL REVENUE, METHODOLOGIES, METHODOLOGY, MODE OF TRANSPORT, MODES OF TRANSPORT, OVERHEAD COSTS, PASSENGER, PRODUCTION COSTS, ROUTE CHOICE, ROUTES, SAVINGS, TAXATION, TECHNIQUES, TIME CONSTRAINTS, TIME SERIES, TOLL ROAD PROJECTS, TOLL ROADS, TRAFFIC, TRAFFIC CONGESTION, TRANSPORT, TRANSPORT ECONOMICS, TRANSPORT INFRASTRUCTURE, TRANSPORT POLICIES, TRANSPORT POLICY, TRANSPORT PROJECTS, TRANSPORT SECTOR, TRAVEL TIME, TRAVELLERS, TRIP PURPOSE, TRIPS, UNEMPLOYMENT, URBAN BUS, URBAN ROUTES, URBAN TRIPS, VALUE OF TIME, VARIABILITY, VEHICLE OPERATING COSTS, WAGE RATES, WAITING TIME, WALKING, WALKING TIME, WEIGHTING, WORK JOURNEYS, WORK TRAVEL, WORK TRIP, WORK TRIP TIME, WORK TRIPS