Experiences from the Swedish Value of Time study

• We present insights and results from the Swedish VTTS study relevant for appraisal.
• We summarize recent econometric advances and how these enable better VTTS estimates.
• The influence of sign and size of the time saving is estimated and discussed.
• We show how the VTTS depends on trip and traveller characteristics including income.
• We review and discuss in what dimensions VTTS should be differentiated in appraisal.

We provide a synthesis of results and insights from the Swedish Value of Time study, with focus on what is relevant for transport appraisal and understanding travel behavior. We summarize recent econometric advances, and show how these enable a better understanding and identification of the value of time distribution. The influence of the sign and size of changes is estimated and discussed, including the problems of loss aversion and the value of small time savings. Further, we show how the value of time depends on trip and traveler characteristics, discuss in what dimensions the value of time should be differentiated in appraisal, and provide recommended values for use in applied transport appraisal.