Measure the Value of Time in Transit
Author: Brandon Lo
Abstract
This study focuses on understanding the trade-offs between travel time and cost, known as the values of time (VOT). Using stated preference data, this research aims to refine VOT calculations to better reflect modern transit developments. By addressing gaps in existing methods, this proposal seeks to provide a more accurate valuation of time in today's technologically advanced transportation landscape.
Research Context
In transport economics, VOT is crucial for evaluating transportation projects. Traditionally, VOT was derived from revealed preferences, analyzing actual travel choices. However, modern approaches now use stated preferences, directly asking individuals about their hypothetical trade-offs. This shift is necessary due to the dynamic nature of contemporary transportation systems and changing commuter behaviors.
Researching Method
The research will utilize data from Liftago, a ride-hailing platform, to analyze variations in price and waiting time. Additional data from the Irish National Transport Authority will complement this study. The core analysis involves using mode-destination models to calculate VOT, considering factors like in-vehicle time and cost sensitivity.
Research Questions
What is the best way to calculate VOT for low latency large data packets?
What are the physical limitations of current VOT methodologies?
What is the smallest physical size needed for an efficient VOT system?
What is the financial cost of implementing VOT at small and large scales?
Central Aim
To provide a refined, contemporary calculation of VOT that reflects current transportation technologies and commuter behaviors.
Results
