@article{ref1,
title="The theory of allocation of time and the empirical evaluation of travel time savings",
journal="Zeitschrift für Verkehrswissenschaft",
year="2014",
author="Evangelinos, Christos and Obermeyer, Andy",
volume="85",
number="1",
pages="56-81",
abstract="Travel time savings are usually the most substantial economic benefit of transport infrastructure projects. This paper reviews literature on three major fields of the subjective valuation of travel time savings. At first the microeconomic foundation of current research will be addressed. At second, a link between theory and empirical valuation methods, in particular between the theory of time allocation and discrete choice models will be provided. Finally, findings from empirical literature, especially from meta-analyses, will be summarized. It is shown, that the value of time depends on the wage rate, but that it does not necessarily coincide with it. The connection between discrete choice models used for value of time elicitation and the time allocation theory is the conditional indirect utility function. Empirical values of travel time savings depend on various factors such as income, congestion or distance.  Copyright 2014, Fischer-Verlag<p /> <p>Language: de</p>",
language="de",
issn="0044-3670",
doi="",
url="http://dx.doi.org/"
}