Citation

Thomas S. Proc. IRCOBI 1975; 3: 73-84.

Copyright

(Copyright © 1975, International Research Council on Biomechanics of Injury)

DOI

unavailable

PMID

unavailable

Abstract

The lack of attention paid to the value of time in developing countries is discussed, comments are made on the economic situation of developing countries arguments are presented against the inclusion of leisure time in valuation procedures, and observations are made regarding the value of time to commercial vehicles. It is observed that the present rather mechanical methods of appraisal are inadequate. Estimates of existing traffic, changes in vehicle operating costs, time savings and all the rest of the information currently collected is necessary, but the economic planner should provide more than just the internal rate of return or present value. There should be an attempt to consider the effects of investment upon the economy as a whole. In such analysis there is little reason to arbitrarily exclude leisure time savings though the practical import of these might be small and further reduced if the consumption benefits of high groups are given a low distributional weighting. Only when such analysis is carried out will the planner be able to offer guidance regarding the overall allocation of investment.