The ‘Hensher equation’ is a prominent method for valuing the benefits of business travel time savings. This paper derives the equation from first principles, revealing several underpinning assumptions, as follows: (I) production is a function only of labour given fixed capital; (II) the...

This paper provides an extensive review and reconciliation of British and European evidence relating to the value of, and demand responses to, rail reliability. In particular, we compare the elasticities implied by stated preference valuations of late time with directly estimated lateness...