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The Value of Time as a continuous function of travel distance

Authors: Stefan Flügel, Anne Madslien
Report nr: 1778/2020
ISBN (digital version): 978-82-480-2198-8
Language: Norwegian
Attachments Summary - in Norwegian only
Full report - in Norwegian only

This report recommends continuous functions that describe the relationship between time value and travel distance for different combinations of transport models and travel purposes. Based on data from the Valuation Study 2018-2020, we find that "log-log" functions have decent goodness-of-fit and estimate elasticity parameters that describe the relative increase in time value given a relative increase in travel distance. The final functions are calibrated against discrete value travel time figures recommended in the Valuation study given the distance distribution from the National Travel Survey (RVU 2016-2018). The report also contains some experiences from practical testing in calculation of user benefits based on transport models. The transition from discrete to continuous value of time values entails an increase in the estimated user benefit for projects, that have, on average, longer travel distances compared to a typical trip in RVU 2016-2018.


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