Sensitivity Analysis of Socioeconomic Values of Time for Public Transport Projects
The socioeconomic time benefits of two light rail projects in Copenhagen are investigated using three different sets of values of time. The first set is the one the Ministry of Transport recommends for use in socioeconomic analysis in Denmark. This set is used as a basis for comparison with the two other sets of values of time. The second set is the expected new recommended values of time with the same time values for non-business travelling. The third set is estimated from traffic modelling parameters and operates with different in-vehicle time values; the reason for this is thoroughly described and supported by examples. Traffic modelling of the two light rail projects has been performed and the results are used to generate the time benefits. The time benefits for the two light rail projects using the expected new values of time will increase by approx. 20%, compared to the result obtained by use of the values recommended by the Ministry of Transport. Differentiated in-vehicle values prove to generate an even larger increase in time benefits, but they vary depending on the projects.