000208272 001__ 208272
000208272 005__ 20180123001542.0
000208272 037__ $$a1425-2016-118399
000208272 041__ $$aen_US
000208272 245__ $$aVALUE OF TIME FOR COMMERCIAL VEHICLE OPERATORS IN MINNESOTA
000208272 260__ $$c2004-03
000208272 269__ $$a2004-03
000208272 300__ $$a27
000208272 336__ $$aConference Paper/ Presentation
000208272 520__ $$aThe spring load restriction policy of Minnesota has been in effect for over 50 years
with no consideration given to the cost that it imposes on the freight industry. A cost-benefit
study was recently commissioned to examine the policy’s necessity. The cost-benefit
analysis required a precise estimate of the value of time for commercial vehicle operators in
Minnesota.
An estimate was not available from previous studies, or from previous data. The
necessary revealed preference (RP) information does not exist, and relevance of previous
studies was questioned based on the differences in geographic location and the age of data
used to construct the estimates. A sample was constructed from several trucking industry
sources to conduct a survey. Interviews were conducted using an adaptive stated preference
(ASP) survey to derive an estimate to the nearest dollar.
A tobit model was fit to the data from the interviews to derive the estimate for value
of time. A mean of $49.42 was found, with a 95% confidence interval from $40.45 to
$58.39. Variation in the distribution of values is largely undetermined, with the exception of
fleet operation, whether it is a for-hire truck fleet, or a private truck fleet.
The current state of the art in using stated preference (SP) methods to evaluate the
value of time uses a fee structure in exchange for time savings, in most cases a toll. It has
been shown that SP methods typically underestimate the true value of time. The use of a fee
structure fails to account for those subjects that avoid paying additional fees for a public
good that they may feel they pay for in the form of taxes. The fine structure included in this
ii
analysis accounts for these subjects and provides a greater estimate for value of time
compared to previous studies.
000208272 542__ $$fLicense granted by Lisa Vang (vang1490@umn.edu) on 2015-08-27T13:31:27Z (GMT):

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000208272 650__ $$aResearch and Development/Tech Change/Emerging Technologies
000208272 650__ $$aResearch Methods/ Statistical Methods
000208272 700__ $$aSmalkoski, Brian
000208272 700__ $$aLevinson, David
000208272 773__ $$d2004
000208272 8564_ $$s120463$$uhttp://ageconsearch.umn.edu/record/208272/files/2004_ValueofTime_paper.pdf
000208272 887__ $$ahttp://purl.umn.edu/208272
000208272 909CO $$ooai:ageconsearch.umn.edu:208272$$pGLOBAL_SET
000208272 912__ $$nSubmitted by Lisa Vang (vang1490@umn.edu) on 2015-08-27T13:33:12Z
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2004_ValueofTime_paper.pdf: 120463 bytes, checksum: 12a931360bca13b2d6cb969114451423 (MD5)
  Previous issue date: 2004-03
000208272 982__ $$gTransportation Research Forum>45th Annual Transportation Research Forum, Evanston, Illinois, March 21-23, 2004
000208272 980__ $$a1425