ABSTRACT
It is well recognized that a most important parameter in the economic evaluation of transportation projects is the value of travel time savings (VTTS). This parameter represents an average measure of the amount of money a representative individual is willing to outlay in order to save a unit of travel time, ceteris paribus. Ceter is paribus (or ‘all other things being equal’) is usually assumed to mean that the level of utility from the trip and the traveller’s personal income remain unchanged.
