2015 - NZ - Travel Time Savings Assessment

This research report covers the following aspects (from New Zealand and international perspectives) relating to the valuation of travel time savings for use in the economic appraisal of transport initiatives: • The relative importance of travel time savings in the appraisal of the overall benefits of transport initiatives. • Primary market research on how the behavioural valuation of travel time savings varies with the size of the time saving and the duration of the trip; and comparisons of these results with international market research findings and appraisal practices. • The case for adjustment of behavioural values of time savings (for application in economic appraisals) to compensate for any income differences (eg by mode); the effectiveness of ‘equity’ (equal values) approaches as a means of adjustment; and the merits of alternative adjustment approaches. The report makes recommendations that have implications for economic appraisal practices in the transport sector in New Zealand and, potentially, internationally.