ON THE VALUE OF TRAVEL TIME SAVING OVER TRAVEL TIME: EMPIRICAL STUDY OF INTER－URBAN TRAVEL FOR RECREATION

Abstract

This study analyzes the variation of the Value of Travel Time Saving (VTTS) over travel time. First, we formulate a time allocation model with the discrete choice theory. Next, we derive the VTTS from an approximated indirect utility function. After a discussion on the properties of the variation of the VTTS over travel time, we analyze the VTTS with the empirical data of modal choice of inter－urban leisure travel of Japan. The empirical analysis shows the VTTS decreases as the travel time increases. Finally we discuss the reasons for the results of the empirical analysis