| Article ID: | iaor20108418 |
| Volume: | 45 |
| Issue: | 1 |
| Start Page Number: | 1 |
| End Page Number: | 17 |
| Publication Date: | Jan 2011 |
| Journal: | Transportation Research Part A |
| Authors: | Abrantes Pedro A L, Wardman Mark R |
Numerous travel demand studies have been carried out over the past five decades, many of which produce estimates of the value of travel time. This includes a rich body of largely unpublished evidence, which can provide valuable insights into the impact of variables such as GDP, travel distance, purpose and mode on this critical parameter for transport modelling and appraisal. The work reported in this paper updates and extends our previous meta-analyses of UK values of time ([Wardman, 1998], [Wardman, 2001a] and [Wardman, 2004]) by adding recent studies and widening the range of explanatory variables included. Our current research covers 226 studies carried out between 1960 and 2008, yielding a total of 1749 valuations (a 50% increase relative to our previous work) and making this the largest data set of its kind to the best of our knowledge. This is also the most comprehensive study to date of parameters other than in-vehicle time and includes valuations of walk, wait, headway, congested, free flow, late, departure time shift and search time. Exploratory analysis of the data set provides interesting insights into methodological trends in travel demand modelling.