TIME AND PASSENGER TRANSPORT

Abstract

Time is money! Applying this common saying to their own sphere of activity, economists, following the example of Gary Becker, have for the past twenty or thirty years incorporated the issue of time into their analytical reasoning. A scarce resource, time is a topic of study that lends itself particularly well to demonstrations based on the principles of optimisation. Allocating time to the individual activities available when we decide upon our programmes of activity leads to varying levels of utility which rational economic man can choose between. Transport economists, following the work of C. Abraham and M.E. Beesley, have rapidly fallen into step with their generalist colleagues. They have done this by treating travel time as a component of an overall trip cost, termed the generalised cost.

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