Value of travel time savings of autonomous vehicle commuters: a segmented valuation for local and inter-city travel

Abstract

In this study we aim to identify how the adoption of autonomous vehicles (AVs) affects the value of travel time savings (VOTTS) for commuting trips under different trip distance scenarios (local and inter-city travel). Using a stated preference survey administered to Korean commuters in 2019, two multinomial logit (MNL) mode choice models are developed. These models are stratified by trip length and include four alternatives: AV with a manual driving option (AVMD), AV with a self-driving option (AVSD), shared AV (SAV), and public transit (PT). The results show that the value of in-vehicle travel time savings for AVSD (on average, $7.61/hr) is lower than for the other two AV modes (AVMD = $10.26/hr, SAV = $13.67/hr). It suggests that travelers tend to pay less to reduce travel time while using a private hands-free mode because it allows travelers to use their travel time more productively and/or relieve stress for driving. In addition, changes in the VOTTS for each mode vary by trip length. As travel distance increases, VOTTS for shared modes (SAV and PT) tends to decrease. The value of in-vehicle travel time for SAV in the local travel scenario is the highest among the four modes but is considerably lower than that in the inter-city scenario. These differences suggest that travelers require a certain amount of time to fully use their in-vehicle time, highlighting the importance of trip length when determining the VOTTS. Interestingly, the VOTTS for PT is lower than three AV modes, implying that it might be too early to expect substantial reduction in the VOTTS for AVs due to potential risks of accidents, unfamiliarity with AVs, or immature technology of AVs.