Comparing value of travel time and value of travel time saving with heterogeneity in travelers

TL;DR

This study investigates how the value of travel time and travel time savings vary among different traveler groups using advanced modeling and heterogeneity analysis based on survey data from Guangzhou.

Contribution

It introduces a novel approach combining multiple models and latent profile analysis to quantify heterogeneity in travel time valuation among diverse travelers.

Findings

Heterogeneity significantly affects VTT and VTTS estimates.

Multiple models provide consistent results across groups.

Travel preferences vary notably with socio-economic factors.

Abstract

In research on the value of past time, the value of travel time and the value of saving travel time are two different concepts that have been vaguely distinguished over an extended period of time. This paper applies the theory of perspectives to discuss differences in the value of travel time and savings in travel time between different respondent groups and under different models. To this end, this paper designs an RP-SP questionnaire for urban travel behaviour, and collects data on the travel preferences of 409 Guangzhou residents. By introducing potential profiling to capture the effects of heterogeneity between classes, the respondent group is divided into three categories according to its individual socio-economic characteristics such as age, income, educational attainment, etc. After that, the utility function of travelers is established, and the MNL model, MIXL model, S-MNL model, G-MNL model, LCL model and MM-MNL model are selected for the total sample and three types of groups to estimate the time value. This paper emphasizes the definitions of VTT and VTTS, and presents a method for estimating VTT and VTTS using LPA to identify traveler heterogeneity.