THE VALUATION OF RELIABILITY FOR PERSONAL TRAVEL
operations - scheduling, operations - reliability, planning - methods, land use - planning, economics - value of time, mode - mass transit
Value of time, Travel time, Travel by mode, Travel behavior, Transportation planning, Transit, Schedules and scheduling, Road transportation, Public transit, Mass transit, Local transit, Journey time, Highway transportation, Empirical methods, Decision making
This research reviews progress made toward a general theory of a traveler's valuation of travel time reliability, and some indication is given of recent empirical research in this area. A large number of theoretical and empirical results, many of which are only partly in the public domain, are brought together. Key theoretical results relating to the highway mode are discussed and expanded to consider the additional complexity of scheduled public transport services. The paper also deals with the problems of collecting empirical data, and describes a recent study conducted by the authors in the context of rail travel, showing how valuations can be derived.
BATES, J, Polak, J, JONES, P, Cook, A, (2001). THE VALUATION OF RELIABILITY FOR PERSONAL TRAVEL. Transportation Research Part E: Logistics and Transportation Review, Volume 37, Issue 2, p. 191-229.