Significant changes to the values of travel time savings used in transport scheme appraisal have been confirmed by the DfT. The changes follow a consultation last autumn, which drew on new research by consultant Arup, the Institute for Transport Studies at the University of Leeds, and consultant Accent (LTT 13 Nov 15).
A key change is the switch to a ‘willingness to pay’ approach for valuing time savings for business travellers. Until now, business values have been based on...
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