Marginal valuations of travel time and scheduling,and the reliability premium |
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| Institution: | 1. TRYSE Research Group, Department of Civil Engineering. University of Granada, ETSI Caminos, Canales y Puertos, c/ Severo Ochoa, s/n. 18071 Granada, Spain;2. Ecole Polytechnique d''Architecture et d''Urbanisme (EPAU) d''Alger, Laboratoire Ville, Urbanisme et Devéloppement Durable, BP 177, 16200 Alger, Algeria;1. The Norwegian Public Roads Administration, PO Box 8142 dep., 0033 Oslo, Norway;2. Norwegian University of Science and Technology, 7491 Trondheim;1. Institute for Transport Studies, University of Leeds, Leeds, LS2 9JT, UK;2. Systra, 3rd floor, 5 Old Bailey, London EC4M 7BA, UK;3. Systra, 16th floor, City Tower, Piccadilly Plaza, Manchester M1 4BT, UK;1. Florida Department of Agriculture and Consumer Services, 400 South Monroe Street, Tallahassee, FL 32399-0800, USA;2. University of Florida, P.O. Box 110240, Gainesville, FL 32611-0240, USA;3. Appalachian State University, 3102 Raley Hall, Boone, NC 28608-2037, USA;4. The Ohio State University, 103 Agricultural Administration Building, 2120 Fyffe Road, Columbus, OH 43210, USA |
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| Abstract: | Previous works have established synonymity between the notions of uncertainty and unreliability, exploiting this in deriving marginal valuations of travel time and scheduling under uncertainty. Whilst valid for forecasting demand, such valuations fail to illuminate the costs of bearing unreliability – herein referred to as the ‘reliability premium’. The paper derives marginal valuations of travel time and scheduling at the certainty equivalent, showing these to diverge from those under uncertainty. That divergence, which represents the marginal valuation of reliability, raises the possibility of bias should the costs of unreliability not be included in appraisal. |
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