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Quantifying the Socio-economic Benefits of Transport

image of Quantifying the Socio-economic Benefits of Transport

This report sets out several of the recent advances, and suggests the most promising approaches, to the quantification and valuation of some of the wider economic benefits that flow from transport-related development. Economic appraisal can offer decision-makers important insights into the expected socio-economic impacts of transport projects. The sophistication of modern supply chains and the growing prominence of the services sector have increased the interest of decision-makers in economic benefits beyond those traditionally captured in transport appraisal.

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The valuation of travel-time variability

International Transport Forum

This chapter provides an overview of some alternative conceptual definitions of travel-time variability, discusses their implications about behaviour, and puts them into a broader context, including deviations from the underlying assumptions regarding rational behaviour. The chapter then discusses the empirical basis for assigning a value to travel-time variability. This discussion leads to the conclusion that a fair amount of scepticism is appropriate regarding stated preference data and that attention should turn to the possibilities that are emerging for using large revealed preference datasets. The bottom line is that travel-time variability is quantitatively important and cost-benefit analysis should account for it, using the best values we can get, in order not to imply a bias towards projects that do not reduce travel-time variability. Omitting the cost of travel-time variability is not the neutral option.

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