Value of travel time is one of the important parameters for identifying the loss due to delay. It is anticipated that value of travel time differs from different vehicles or transport users. That is the reason the different modes of travel is used for journey. Is there any data or methodology to calculate the value of travel time rather than using national wages averages?
Value of travel time for different vehicle users such as cars buses, auto rickshaw, two wheeler , differs for Delhi or Indian conditions as their user characteristics are different. Is it possible to find some secondary data sources to calculate value of travel time??
These appear to be a good starting points for you.
http://www.vtpi.org/tca/tca0502.pdf
http://www.dot.state.fl.us/research-center/Completed_Proj/Summary_PTO/FDOT_BDK85_977-21_rpt.pdf
We calculate in Germany 15€/hour time saved. Ask Stephan Matz for the paper reference.
I am not sure the "value of time" could be assumed to differ between different users. The key thing is the amount of time they are involved in transportation, rather then the mode used. I agree the http://www.vtpi.org/tca/tca0502.pdf site will provide some good information for you. Another reference, although from London is this: https://www.oxfordeconomics.com/publication/open/239343
For India, you might want to start by looking at average hourly incomes, as these will differ considerably from the US and Europe. Finally, it is important to remember there is some controversy regarding the valuation of time. Some commentators have said that it should not be assumed that time spent in traffic is lost productivity, as people are more likely to simply leave for work earlier rather than spend less time at work.
Good luck.
www.vtpi.org
@Markus Lienkamp : This value is used to calculate socio-economic benefits, but if you want to use it for a traffic model, I don't think it's really efficient. Time value is calculated from incomes to know which mean of transport each person uses. So if you want to make a traffic model, you have to consider people's incomes who will use the infrastructure. But, if you want to do a socio-economic calcul, for example if a state have to decide between two investments in two different regions, you have to consider the same value of time to not favour a region. Otherwise, richer regions have a bigger value of time than poorer regions, and choices of investment will be done specifically in richer regions, So you can use two values of time : one for the traffic model, and the other one for socio-economic calcul.
@Ravinda Kumar : I think you shouldn't use national wages averages, but local wages, differences between regions are too big to use national wages. Moreover, you might distinguish between different motivations of deplacement : people have a bigger value of time when they go to their job than when they go to stores for example.
For socio-economic calcul, we used in France the "Boiteux report". Here a synthesis : http://www.annales.org/re/2001/re10-2001/baumstark055-65.pdf
Sorry, it's in french...
By the way, good luck for your researches,
Dear Ravindra,
Let me agree with important notes above,
Elliot Fishman:
...There is some controversy regarding the valuation of time. Some commentators have said that it should not be assumed that time spent in traffic is lost productivity, as people are more likely to simply leave for work earlier rather than spend less time at work.
Alexis Vernier:
...You might distinguish between different motivations of deplacement: people have a bigger value of time when they go to their job than when they go to stores for example.
In summary, value of time differs as a function of the way this time is used. What is the value of time when you are stuck in traffic? It is high if you will miss your train to work but lower if noone is waiting for you.
In order to estimate the value of time, one way is to develop a disaggregate demand model, in which both time and cost are independent variables. In that case, you can include different time variables, such as waiting time, running time, and access time, and try estimating the value of each. For instance, our work indicates that waiting time has a value that is approximately 10 times that of running time.
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