The 'Value of Time' (VOT) in transport economics represents:
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Only the vehicle fuel cost per kilometre
Monetary value users assign to 1 hour of travel time saved — key input for cost-benefit analysis of transport projects
Value of the road infrastructure asset
Time taken to collect toll on highways
Correct Answer
B. Monetary value users assign to 1 hour of travel time saved — key input for cost-benefit analysis of transport projects
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Value of time (VOT): users'' willingness to pay for 1 hour of travel time saving (Rs/hour). Used in: cost-benefit analysis of transport projects (time saving × VOT = benefit). VOT varies: work trips (high — productivity), leisure (lower), freight (very high per tonne). India: VOT for car users Rs 200–500/hour; bus users Rs 50–150/hour. Derived from revealed preference (RP) or stated preference (SP) surveys. Critical input to traffic model and CBA.
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