Valuation of Travel Time and Traveller Information in Multimodal Personal Travel Under Uncertainty

The value of travel time plays an important role in cost benefit analysis of infrastructure projects. However, the issue of uncertainty on travel times and the implications this has for estimations of travel time values has received much less attention in the literature. In this paper we compare various modelling approaches to address uncertainty and demonstrate that ignoring uncertainty issues may easily lead to distorted estimates of values of travel time. This is of special relevance in public transport where various trip components may have different valuations and degrees of uncertainty. Our approach sheds light among others on the high time valuations for waiting at transfer points in public transport. Implications are given for the supply of traveller information on values of travel time in public transport