Chapter 26: An Introduction to the Valuation of Travel Time-Savings and Losses

Since time cannot be owned, bought, or sold, introduction to value of travel-time savings (VTTS) must start with some clarity on the concept itself. The term “VTTS” is a convenient abbreviation. In the travel-demand sector, where time and cost frequently have a dominating influence on the attractiveness of a given journey, VTTS is most usually used to denote the monetary rate at which a given travel-time saving or loss in a particular context can be compensated for by a corresponding loss or saving of money.

Thus, while no-one can buy an extra minute in their day, they can buy the ability to exchange one minute of one activity for one minute of another.¹ And of course they do so regularly, on a case-by-case basis, paying surcharges for express trains that allow them to exchange time sitting in a slower train for extra time at their workplace, or on any activity they please in their leisure. This is not to say they would always do the same thing, in choosing fast or slow options; many would be in a hurry one day and quite prepared to wait on another, for any number of reasons.