Revisit to the Value of Travel Time in the Seoul Metropolitan Area

抄録

The patterns of economic activities in the Seoul metropolitan area differ from those in other areas of South Korea. Daily commuting trips take a longer time in the capital area, while the percentage of commuting trips is also higher. However, in the current guidelines used to evaluate infrastructure projects, the benefit of travel time savings is derived simply from dividing trip purpose into business and non-business, without considering the regional characteristics of such trips. Accordingly, this study recalculates the value of travel time by reflecting current trip behaviors in the Seoul metropolitan area. This study shows two findings. First, there is a strong evidence that calculating the value of travel time for business, nonbusiness, and commuting trips is better than adopting the two trip purposes. Second, the calculated values of travel time based on these three trip purposes are shown to be higher than the values in the current guidelines.