This research report covers the following aspects (from New Zealand and international perspectives) relating to the valuation of travel time savings for use in the economic appraisal of transport initiatives:
- The relative importance of travel time savings in the appraisal of the overall benefits of transport initiatives.
- Primary market research on how the behavioural valuation of travel time savings varies with the size of the time saving and the duration of the trip; and comparisons of these results with international market research findings and appraisal practices.
- The case for adjustment of behavioural values of time savings (for application in economic appraisals) to compensate for any income differences (eg by mode); the effectiveness of 'equity' (equal values) approaches as a means of adjustment; and the merits of alternative adjustment approaches.
The report makes recommendations that have implications for economic appraisal practices in the transport sector in New Zealand and, potentially, internationally.