Untitled - HKU Libraries - The University of Hong Kong

4.3(1986-2001)Growth Over 1988Period GDP/head GDP/household GDP/employedTotal Growth1986-1991 1-36 1.24 1.361991-1996 1.70 1-44 1.691996-2001 2.11 1.68 2.09Annual Growth Rate (% per year)1986-1991 6.4 4.4 6.41991-1996 4.6 3.1 4.61996-2001 4.4 3.1 4.4Household Income and Values of Time4.3.6 Projections of average household income and the values of time are shown in Table4.9. Car ownership and trip making are dependent on the level of household income,which is assumed to grow at the same rate as the growth in GDP per domestichousehold.Table 4.9(1986—2001)VALUE OFValues of Time (1986 dollars per-hour)AverageHousehold Behavioural EvaluativeMonthly Income(1988 dollars) car-owning n on-car owning1986 7,130 17.4 7.0 10.71991 8,820 21.5 8.7 13.71996 10,270 25.0 10.1 16.52001 11,990 29.2 11.8 20.14.3.7 The choice between modes is influenced by the behavioural value of time; this wasassumed to increase in line with incomes, with separate values used for car-owningand non-car-owning households. The value of time used for project evaluationpurposes drops the distinction between car owners, who tend to use cars, andnon-car owners, the majority of whom use public transport. This is because currentpractice is to give the same value to all travellers in the same circumstancesregardless of income.4.4 Transport Costs and FaresRoad Vehicle Operating Costs4.4.1 Three types of operating costs were required for road vehicles; perceived costsreflecting the costs on which travellers base their travel decisions, and financial andeconomic costs used in the evaluations to calculate benefits arising from additionaltransport infrastructure or policies. The costs are developed for the following classesof vehicles:— Private cars— Taxis— Goods vehicles— Special purpose bus (SPB)62