COMMON ECONOMICS OF TRAVEL TIME VALUE

Abstract

Standard concepts and procedures of economic analysis are examined to see whether they can offer directions for consistent and appropriate handling of the time value question in transportation. A simple neoclassical economic analysis of transportation demand is presented in which time is considered as a cost of travel. This is followed by an examination of contemporary issues of time value concept and measurement in light of standard economic analysis procedures and the travel demand-time cost relations. Finally, some questions of travel demand forecasting and transportation evaluation are discussed, and proposals are made regarding appropriate directions of approach.

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