Citation

Guttman JM. Transp. Res. Rec. 1975; 534: 63-68.

Copyright

(Copyright © 1975, Transportation Research Board, National Research Council, National Academy of Sciences USA, Publisher SAGE Publishing)

DOI

unavailable

PMID

unavailable

Abstract

This paper suggests economic criteria for choosing among estimates of the value of time. Four assumptions that are implicit in most models of the value of time are identified and discussed. The accuracy of an estimate of the value of time depends on whether the data and model underlying the estimate take into account the unrealistic nature of these assumptions, either by excluding observations for which the assumptions are especially incorrect or by modifying the model so that the assumptions may be relaxed.