ABSTRACT

This chapter aims presents an overview from both the analytical and empirical viewpoint of the recent results concerning studies and applications on value of travel time savings (VTTS). The theoretical survey is devoted to pinpointing the main similarities and differences in terms of formal models and of the identification of the VTTS in passenger and in freight transport. The relevance of VTTS has been demonstrated in several economic studies, which provide both an analytical and an empirical framework for VTTS. The review of the empirical studies first highlights the problem of data collection and the related use of revealed preference and stated preference methodologies. Secondly, it presents the estimates of VTTS obtained both for passenger and for freight transport, emphasizing its change over time and space. The chapter concludes by synthesizing the results outlined in the literature and proposing possible future directions of research which may include meta-analytic estimations of the VTTS.