Estimation of Value of Travel Time for Work and Non-Work Trips in Kathmandu Valley using Mixed Logit Model
Keywords:
Cost-benefit analysis, Mixed logit model, Stated and Revealed preference survey, Value of travel time (VOT)Abstract
Value of Travel Time (VOT) is a critical cost-benefit analysis component in every transportation undertaking. It reflects the amount of money that a road user is able to pay or is willing to pay in exchange for saving their unit travel time. The VOT is based on the value of the trip, mode of transportation used, and demographic characteristics of the passengers. As a result, the study attempts to determine the VOT for work trips (before and after work) and non-work trips, as well as its variation with different demographic variables, using the mixed logit model with Stated and Revealed Preference survey within Kathmandu valley. The VOT for before work (Rs 139.67/hr.) was 1.54 times that of after work (Rs 89.41/hr.) for work trip and Rs 69.23/hr. for non-work trips.
