This paper reports, by a considerable margin, the largest meta-analysis and review of values of travel time savings specifically relating to less-developed countries, notably covering walk time, wait time, headway, out-of-vehicle time, and access/egress time, in addition to in-vehicle time. The estimated meta-model recovers credible and precise variations in time valuations according to a range of variables, and there is consistency with European evidence in terms of predicted valuations and variations in them. The results should be of considerable interest to practitioners and policy makers, and they challenge the World Bank's recommendations concerning appraisal valuations in less-developed countries.
Wardman et al. (Wed,) studied this question.