Valuation of travel time savings for intercity travel: The Madrid-Barcelona corridor

We found, as expected, that HSR and air transport users exhibit substantially higher values for saving travel time than bus travellers. Also as expected, savings of waiting time are more valued than savings of access time, and the latter more valued than savings of in-vehicle travel time. We were also able to demonstrate the relevance of considering a differentiated analysis for travellers that did not pay for their travel expenses, providing a theoretically sound explanation for the large differences encountered in WTP with respect to other travellers. Finally, the obtaining of the elasticity values for the choice probabilities provided us valuable information to understand competition in this market.