ESTIMATION OF VALUE OF TRAVEL TIME IN TRINIDAD AND TOBAGO

: The value of travel time is a key component in evaluating the potential impacts of projects aimed at improving the transportation system. In particular, the evaluation of the feasibility of projects such as toll roads is often premised on the assumed benefits that drivers perceive from saving travel time and their willingness to pay for such benefits. In Trinidad and Tobago there is no historical information which could inform valuation. This study utilized stated preference methods to determine the local value of travel time. A questionnaire was developed that incorporated a stated preference survey involving binary choices between faster, expensive travel options and slower, cheaper ones and also captured socio – economic data and work trip characteristics of the respondents. It was administered using convenience sampling via the Whatsapp mobile messaging app. To develop the survey, a preliminary estimate of value of travel time was made based on both national Gross Domestic Product and average income data. A binary logistic regression model was developed utilizing the maximum likelihood method to determine the parameters of travel time and travel cost. Based on the analysis, the overall value of travel time estimate obtained was found to be 71% of the income wage rate and 48% of the wage rate calculated using Gross Domestic Product. The GDP base rate is consistent with estimates from other jurisdictions. The findings of this study indicate the estimation of the VOT for commuters locally. This was done using an online stated preference survey of 462 commuters. The wage rate was estimated using average income and GDP data for the country so as to be used as a baseline to develop the stated preference survey questionnaire. The survey was structured such that it enabled the use of a binary logistic regression model which was then developed to represent the data collected. Using least likelihood methods, the parameters and coefficients of the model were determined and used to calculate VOT. The analysis shows that VOT estimation was TT$24.74 which was deemed reasonable given its ratio to the national wage rate.