The subjective value of time is the marginal rate of substitution between travel time and travel cost under constant utility or profit level. It is commonly referred to as the monetary appraisal of value of time or the willingness to pay for savings in travel time. This study proposes methods to...

There is a long tradition of studies using the concept of the value of time (VoT) to assess human behavior in diverse situations. The underlying assumption in most of the studies is that when different activities are available, a rational person selects the activity that provides the highest...