Transactions on Transport Sciences 2012, 5(4):215-222 | DOI: 10.2478/v10158-012-0024-1

Value of Travel Time Savings in the Context of Leisure Travel in the Czech Republic

P. Šenk*, S. Biler, A. Daňková
Transport Research Centre, Brno, Czech Republic

This paper presents the results of a study focused on the estimation of the value of travel time savings in the context of long distance leisure travel by car. The study refers to the concept of willingness-to-pay for the reduction of travel time. Data on choice behavior were collected by means of a stated preference survey on a representative sample of the population in the Czech Republic and analyzed using methods of discrete choice analysis.
Results of the study suggest that, in case of the most common type of long distance leisure trips - weekend trips, estimated values of travel time savings obtained by the above mentioned methods are consistent with values recommended by literature, i.e. within the range of 25 % and 50 % of the average hourly wage. The study also confirms that the value of travel time increases together with trip length.

Keywords: Value of travel time savings, conditional logit model, stated preference survey, willingness-to-pay.

Published: December 1, 2012  Show citation

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Šenk, P., Biler, S., & Daňková, A. (2012). Value of Travel Time Savings in the Context of Leisure Travel in the Czech Republic. Transactions on Transport Sciences, 5(4), 215-222. doi: 10.2478/v10158-012-0024-1
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