Value of Time: How do taxi fares compare with research Ransford S. McCourt, PE, PTOE DKS Associates.

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Presentation transcript:

Value of Time: How do taxi fares compare with research Ransford S. McCourt, PE, PTOE DKS Associates

Agenda Hypothesis: Taxi Fares may provide a verification and comparable measure for researched Value of Time Review Typical Value of Time Findings Survey of Taxi Fares in USA Comparison of Results Possible Consideration

Why is Value of Time Important? Benefit/Cost Analysis Roadway Pricing Studies Travel Demand Forecast Models

Models are based on: Employment, costs (ie. gas) and value of time

How is Value of Time Developed Stated Choice Discrete Choice Preference Surveys Regionalized Average Wage Data Logit Equations

Sample Study Findings Source Auto or General VOT $ per hour Heavy Truck or For Hire VOT $ per hour 2011 Florida Department of Transportation $ Oregon Department of Transportation $21.80$31.68 Kazuya Kawammur, University of California dissertation paper $23.40$ Puget Sound Regional Council $9.52 low income $33.33 high income 2007 Palmquist, Phaneuf, Smith North Carolina survey $ Tilahum and Levinson MnDOT studies $25.42 (when late) $10.62 (on-time/early) 2005 Small, Winston, Yan Los Angeles/SR 91 $ Steimetz, Brownstone UC - Irvine $30.00 Hess, Bierlaire and Polak, Imperial College London $ USDOT, Guidance on Value of Travel Time in Economic Analysis $13.93$17.51

Taxi Cost Elements Cost Elements Labor/Driver Insurance Regulations Vehicle Costs Capital Capital Operations Operations Maintenance Maintenance Market How much people will pay for travel How much people will pay for travel Bias Elements Airport Trips Medical Trips Out-of-area Trips Expense Report

Taxi Fares: Top 55 MSA in USA Statistic$ per Hour$ per Mile Number of Cities55 Average$24.23$2.29 Standard Deviation$5.25$0.39 High$40$3.20 Low$15$1.50 Average of 12 VOT Studies = $24.15

Taxi Fares: 11 West Coast Cities Statistic $ per Hour $ per Mile Number of Cities11 Average$27.56$2.58 Standard Deviation$2.77$0.20 High$30$3.00 Low$21$2.30

Taxi Fares as VOT Input Reasonableness Verification /Confirmation of research Localized Readily Understandable Low Cost

Questions? Randy McCourt