Todd Litman of Victoria Transport Policy Institute provides a report that investigates the value travelers place on qualitative factors such as comfort and convenience, and practical ways to incorporate these factors into travel time values for planning and project evaluation. Conventional evaluation practices generally assign the same time value regardless of travel conditions, and so undervalue comfort and convenience impacts. Yet, a quality improvement that reduces travel time unit costs by 20% provides benefits equivalent to an operational improvement that increases travel speeds by 20%. This report recommends specific travel time value adjustments to account for factors such as travel and waiting comfort, travel reliability, and real time transit vehicle arrival information. It describes how service quality improvements can increase transit ridership and reduce automobile travel. (from the abstract)

URL: http://www.vtpi.org/traveltime.pdf