Meta-analysis of value of time in freight transportation: A comprehensive review based on discrete choice models. (August 2020)

• Record Type: Journal Article
• Authors: Tao, Xuezong; Zhu, Lichao
• Is Part Of: Transportation research. Volume 138(2020)
• Page Start: 213
• Page End: 233
• Publication Date: 2020-08
• Subjects: Value of time -- Freight demand -- Mode choice -- Meta-analysis -- Influencing factors; Transportation -- Research -- Periodicals; 388.011
• DOI: 10.1016/j.tra.2020.06.002
• Languages: English
• ISSNs: 0965-8564

Abstract

Highlights: VOTs are both influenced by macro factors and micro factors. Freight volume of air has a stronger interpretation of VOTs than GDP. VOTs during 2001–2015 are on average higher than those during 1990–2000. Ignoring reliability in the discrete choice model may overestimate VOT. Stated preference data tends to output a lower VOT than revealed preference data. Abstract: The value of time (VOT) is a central parameter in freight transportation. However, both its trend and influencing factors remain poorly understood. To reduce potentially diverging influences of different theories and methods used to calculate VOTs in freight transportation, only VOTs obtained from discrete choice models with disaggregated data were studied. Based on statistical analysis and regression analysis, this study explores the factors that affect VOTs at the macro/micro level, and provide several suggestions to decrease errors in VOTs caused by inappropriate data collection and model construction. With regard to influencing factors, the volume of transported goods per capita was found to be a more appropriate variable than GDP per capita to explain the variation in VOT. With regard to data collection and model construction, ignoring reliability will risk overestimating VOT, and the model estimated by using stated preference data tends to yield lower VOTs than that using revealed preference data.