VOLUME XVII
WINTER 2009

THE VALUE OF TIME UNDER CONGESTION: THE CASE OF RADIAL-3
 
PEDRO CANTOS SÁNCHEZ
ÓSCAR ÁLVAREZ SAN-JAIME

Universidad de Valencia
 
This paper shows the importance of estimating the value of time under congestion for car users separately from total travelling time. For an average trip in the corridor analysed, we obtain that users’ valuation of a minute under congestion is 140% above that without traffic jams. We have designed an experiment based on a stated preference approach for one of the main access roadways to Madrid, the Levante corridor. On this route, car users can choose, for the last 33 km entering Madrid, between a very fast toll roadway where there is no congestion and a free but slower roadway with significant congestion problems at peak hours. The potential benefits in the transportation system associated with different reductions in toll levels have been evaluated. These benefits would come from the decrease in total travelling time, the decrease in congestion on the toll roadway and from the savings in fuel consumption.
 
Key words: value of time, congestion, transport.
JEL classification: R41, R48.

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