Accounting for user type and mode effects on the value of travel time savings in project appraisal: Opportunities and challenges

The former arguably improves on the equity approach in project appraisal under the normative argument of valuing individual's time saving equally. The latter can improve the overall precision of user benefit representation in project appraisal compared to the standard mode-specific approach, where mode switchers are assumed to have the same VTTS in the new mode independent of which original user group they belong to.