Value of Travel Time Reliability: Two Alternative Measures

This paper deals with the estimation of the willingness to pay for travel time reliability (VOR). We report on a stated preferences survey and we provide an econometric treatment of the data using a conditional logit model. Estimations are made according to two alternative approaches: The first uses a mean-variance approach and the second uses specific coefficients for the preferences function. Although the two approaches are significantly different, both yield quite similar estimations for the VOR.