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Theory of VTTS: Business and Freight • Cost saving approach: VTTS = wage rate + labour related overhead • Rationale: Firms hire workers until the value of their output = their wage rate – With a time saving (increased productivity of labour force): • Firms increase output with given labour force; OR • Firms keep output constant and use less labour releasing labour into the market – In each case, firms gain an amount equal to the value of the wage rate of the labour x the no. of hours/labour units saved
Part 4: Non-work travel time savings COMMUTING SHOPPING LEISURE VISITING FRIENDS AND FAMILY PERSONAL BUSINESS ESCORT (e.g. PICKING KIDS UP)
Page 1 and 2: Institute for Transport Studies FAC
Page 3 and 4: Structure • Part 1: Introduction
Page 5 and 6: Context In practical scheme apprais
Page 7 and 8: Part 2: Defining travel time saving
Page 9 and 10: What are travel time savings The va
Page 11: Part 3: Business and freight travel
Page 15 and 16: Non-work VTTS How it varies - empir
Page 17 and 18: Time savings in forecasting • Ess
Page 19 and 20: Part 5b: Time savings in an apprais
Page 21 and 22: The effect of income - national app
Page 23 and 24: Time savings and economic impact
Page 25 and 26: Small time savings • < 3 mins or
Page 27 and 28: Business travel: The productive use
Page 29 and 30: Summary • Can’t save time only

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