Measurements and properties of the values of time and reliability

This paper derives new monetary measures of traveler’s willingness to pay to save travel time and to improve its reliability. We develop an intuitive model of transport mode choice in which each alternative is fully characterized by its price and the distribution of its random travel time, assuming expected utility preferences over the latter. Hence, the value of time (VOT) and the value of reliability (VOR) are defined and theirs properties are established. Finally, we use data from a discrete choice experiment in stated preferences to illustrate how our measures can provide behavioral estimations of the VOT and the VOR.