ESTIMATION OF VALUE OF TRAVEL TIME IN TRINIDAD AND TOBAGO
Jevan Stephen1* and Trevor Townsend2
1,2Faculty of Engineering, The University of the West Indies, Trinidad
1Email: jevan.stephen@gmail.com *(Corresponding author)
2Email: trevor.townsend@sta.uwi.edu
Abstract:
The value of travel time is a key component in evaluating the potential impacts of projects aimed at improving the transportation system. In particular, the evaluation of the feasibility of projects such as toll roads is often premised on the assumed benefits that drivers perceive from saving travel time and their willingness to pay for such benefits. In Trinidad and Tobago there is no historical information which could inform valuation. This study utilized stated preference methods to determine the local value of travel time. A questionnaire was developed that incorporated a stated preference survey involving binary choices between faster, expensive travel options and slower, cheaper ones and also captured socio – economic data and work trip characteristics of the respondents. It was administered using convenience sampling via the Whatsapp mobile messaging app. To develop the survey, a preliminary estimate of value of travel time was made based on both national Gross Domestic Product and average income data. A binary logistic regression model was developed utilizing the maximum likelihood method to determine the parameters of travel time and travel cost. Based on the analysis, the overall value of travel time estimate obtained was found to be 71% of the income wage rate and 48% of the wage rate calculated using Gross Domestic Product. The GDP base rate is consistent with estimates from other jurisdictions.
Keywords: Binary logistic regression. Stated preference survey, Value of travel time.
https://doi.org/10.47412/HOMX4615
