Report of the One Hundred and Twenty Seventh Round Table on Transport Economics: held in Paris on 4th-5th December 2003 on the following topic : Time and transport
European Conference of Ministers of Transport, 2005 - Technology & Engineering - 122 pages
For the majority of transport policies and projects, time savings rank among the most important benefits. Consequently, time valuation standards and conventions play a crucial role in the evaluation of transport policies and infrastructure investment projects. This Round Table revisited the extended literature on the valuation of passenger time and discussed the under-researched topic of the value of time in freight transport. It assessed the increased value of time in international freight transport, given the trend towards globalisation. In particular, urban planners are concerned that an overvaluation of passenger time could give rise to excessive urban infrastructure investment which would induce low-density development of cities and urban sprawl. Transport policy measures that increase the speed and reliability of freight transport not only reduce its direct costs but have strong effects on inventory policies, logistics and even the location of firms. As recent empirical studies show, variations in time requirements for international transport, and increasingly short product and fashion cycles, have an influence on the pattern of foreign direct investment and international trade flows. Rational transport policy decision making has to take account of these indirect effects.
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Types of trade costs
The role of time
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analysis assumption average behaviour benefits Bruzelius capital value approach cent changes in transport choice commodities congestion charge consumer consumption contingent valuation cost of transport cost-benefit analyses costs of trade countries damage discounting rate distances travelled effects evaluation freight transport generalised cost Heckscher-Ohlin model hour & shipment impact importance income increase individuals inputs interest cost intermediate consumption international trade inventories investment Journal of Transport logistics improvements microeconomic mobility monetary opportunity cost passenger transport production public transport rail reduce reorganisation resource costs responses revealed preference road road pricing Round Table savings shipm Non-linear SP and RP studies take account trade costs traffic Transek transport costs Transport Economics transport infrastructure transport policy Transportation Research travel speeds travel time budgets trips unit & shipm unit values urban areas users value of freight value of reliability variables wealth effect willingness to pay Zahavi