Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/86071
Authors: 
Rietveld, Piet
Year of Publication: 
2003
Series/Report no.: 
Tinbergen Institute Discussion Paper 03-036/3
Abstract: 
The value of travel time plays an important role in cost benefit analysis of infrastructureprojects. However, the issue of uncertainty on travel times and the implications this has forestimations of travel time values has received much less attention in the literature. In thispaper we compare various modelling approaches to address uncertainty and demonstrate thatignoring uncertainty issues may easily lead to distorted estimates of values of travel time. Thisis of special relevance in public transport where various trip components may have differentvaluations and degrees of uncertainty. Our approach sheds light among others on the hightime valuations for waiting at transfer points in public transport. Implications are given for thesupply of traveller information on values of travel time in public transport.
Subjects: 
multimodal travel
public transport
value of travel time
expected utility
uncertainty
unreliability.
JEL: 
R40
Document Type: 
Working Paper

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