These reports set out the methods used and results from a project to estimate up-to-date national values of travel time for use in transport appraisals. They are the culmination of a large-scale programme of research over the last 5 years.
Values of travel time reflect:
- the amount of money a traveller is willing to pay to save time
- the benefit a traveller would receive from being able to put ‘saved’ time to alternative uses following a transport investment
Travel time savings typically account for a large proportion of the benefits of major transport infrastructure. For this reason they play an important role in policy making and investment decisions.