The Cost of Convenience: A Hedonic Approach to Travel Time Valuation and Cost‐Benefit Analysis.
This paper presents a novel revealed‐preference approach to estimating the value of travel time (VTT) and calculating consumer surplus for the economic evaluation of transport infrastructure. Departing from traditional stated‐preference models, we derive time valuations by linking residential rental...
| Publicado en: | Journal of Regional Science Vol. 66; no. 4; pp. 1140 - 1166 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
Sep2026
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=196889258&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 196889258 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00224146 RSC jtl: Journal of Regional Science issn: 00224146 maglogo: Y pubinfo: dt: Sep2026 vid: 66 iid: 4 pid: 480 pub: Wiley-Blackwell artinfo: ui: 196889258 10.1111/jors.70065 ppf: 1140 ppct: 26 formats: tig: atl: The Cost of Convenience: A Hedonic Approach to Travel Time Valuation and Cost‐Benefit Analysis. aug: au: Mann, Isaac Levinson, David M. affil: The University of Sydney, Camperdown, Australia keyword: connected vehicles hedonic price function transport appraisal value of travel time willingness to pay connected vehicles hedonic price function transport appraisal value of travel time willingness to pay ab: This paper presents a novel revealed‐preference approach to estimating the value of travel time (VTT) and calculating consumer surplus for the economic evaluation of transport infrastructure. Departing from traditional stated‐preference models, we derive time valuations by linking residential rental transactions in Greater Sydney to employment accessibility. We estimate a hedonic price function that controls for unobserved amenities and spatial sorting, recovering VTT estimates consistent with current cost‐benefit analysis practice. Furthermore, we leverage the non‐linearity of the price gradient, as well as cross‐market variation in the price gradient, to perform a second‐stage regression without instrumental variables, recovering the structural demand function for accessibility. This allows us to quantify welfare changes from non‐marginal accessibility shocks, demonstrated on the Sydney Metro West project, grounding project appraisal in revealed spatial behavior. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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