Experiences from the Swedish Value of Time study

We provide a synthesis of results and insights from the Swedish Value of Time study, with focus on what is relevant for transport appraisal and understanding travel behavior. We summarize recent econometric advances, and show how these enable a better understanding and identification of the value of time distribution. The influence of the sign and size of changes is estimated and discussed, including the problems of loss aversion and the value of small time savings. Further, we show how the value of time depends on trip and traveler characteristics, discuss in what dimensions the value of time should be differentiated in appraisal, and provide recommended values for use in applied transport appraisal.