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The effect of income • In practice, value of time savings varies with wages (business) and income (non-work) – Result: benefits are higher in richer areas ceteris paribus • Is this the right thing for appraisal from a policy perspective – Yes if you can: • Collect data on the incomes of travellers • Conduct a distributional analysis, and thereby compare schemes effectively between one region and another – No if you can’t
The effect of income – national appraisal • UK – Standard values for UK – Non-work: average income assumed (equity value) – Business: wage varies by mode and driver/passenger – Freight: wage of driver constant across vehicles • EU (Odgaard, Kelly and Laird, 2005) – Standard values dominate but some variation in VTTS – Income (Netherlands and Switzerland) – Others: • Drivers and passengers (Netherlands and UK) • Urban/interurban (France) • Journey length (France, Switzerland and Sweden) • Delays (Denmark and Sweden) • Days of the week (Hungary)
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 and 12: Part 3: Business and freight travel
Page 13 and 14: Part 4: Non-work travel time saving
Page 15 and 16: Non-work VTTS How it varies - empir
Page 17 and 18: Time savings in forecasting • Ess
Page 19: Part 5b: Time savings in an apprais
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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