Measurement of the Valuation of Travel Time Savings

The value of travel time savings (VTTS) is a critical parameter in transport project appraisal and through its application produces the dominating user benefit, typically 60 per cent of traditionally quantified user benefits. Beesley's work in the 1960s laid the foundation for much of the subsequent applied research, especially in respect of measurement and interpretation. This paper revisits Beesley's contribution in the context of the 1960s and shows the subsequent development of his ideas.