A Survey of the Theories of Value of Time and An Empirical Study

• Main Authors: Wen-Hsi Yang, 楊文熙
• Other Authors: Kai Kao
• Format: Others
• Language: zh-TW
• Published: 1999
• Online Access: http://ndltd.ncl.edu.tw/handle/90933677772971931984

碩士 === 國立交通大學 === 運輸工程與管理系 === 87 === ABSTRACT The rapid increase in road traffic has led to increased investment in the road system by central and local governments. But it is hard to estimate the value and utility of the investment. For solving this problem, the technique of cost-benefit analysis was developed. Cost-benefit analysis can estimate benefit and provide decision-maker systematic information. The value of time savings is an important element in transportation cost-benefit analysis. If we can convert the value of time savings into monetized units, it will be easier to compare and analyze. The reference is about the theories and models of measuring the value of time, and we discussed the variables that affect the value of time. We used the closed-ended contingent method of contingent valuation method and the microeconomics theory basis proposed by Hanemann (1984) to measure the willingness to pay of the interviewers. We modified the Hanemann utility function on the basis of above method and we arranged and proposed two methods for measuring the value of time from various angles (aggregate method and individual method), so totally five models have been tested. As to the empirical study, we reached the following conclusions. Hypothesis 1 assumes that for the same trip length, the unit value of time increases when the amount of time saved increases. This is rejected. Hypothesis 2 assumes that for the same amount of time saved, the unit value of time increases when the trip length increases. This is accepted. In our study, social-economic characteristics and the value of time have the following relationship. Income, car-possession and the value of time have positive correlation. Age, motorcycle -possession and the value of time have negative correlation. Women have larger value of time than men. If we divide income into high, medium and low income groups. Most part of the value of time increases when the income increases. Age and the value of time have positive correlation in low income group, but negative correlation in medium and high income groups. Car-possession and the value of time have negative correlation in low income group, but positive correlation in medium and high income groups. We analyze the effects the purposes of trip have on the value of time. The business trip of Hsinchu -Taipei saving 15 minutes has the largest value of time. Commuting trip has the second one. Visiting and home coming trip have the smallest ones. During saving 30 minutes trip, commuting and business trip have the largest value of time. Home coming trip has the smallest one. The business trip of Hsinchu -Kaohsiung has the largest value of time. Recreation trip has the second one.