The impact of travel time variability and travelers’ risk attitudes on the values of time and reliability

Document Type

Journal Article

Publication Date


Subject Area

economics - willingness to pay, economics - value of time, economics - benefits, ridership - mode choice, ridership - attitudes, operations - reliability


Value of travel time savings, Value of travel time reliability, Risk attitudes, Reliability proneness, Prudence, Cost benefit analysis of transport infrastructure projects


In this paper, we derive implementable measures of travelers’ willingness to pay to save travel time (vot) and to improve the reliability ( vor) of a given trip. We set out a simple microeconomic model of transport mode choice in which each trip is fully characterized by its price and the statistical distribution of its random travel time, assuming that travelers have expected utility preferences over the latter. We then explore how the votand vor are affected by the statistical distribution of travel time and by travelers’ preferences towards travel time variability.


Permission to publish the abstract has been given by Elsevier, copyright remains with them.


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