2023 - NZ - Value of Travel Time and Road Safety

The Monetised Benefits and Costs Manual (MBCM) includes non-market values to be used in cost–benefit analysis of transport projects. This study conducted a national stated preference survey using face-to-face surveys (n = 7,203) and a choice modelling approach to derive new values to update those in the current manual. Survey questions that asked respondents to choose their preferred road route and/or public transport service option were used to derive values for time for different trip lengths and purposes, and whether sitting or standing on public transport. They also were used to derive values for reliability of travel time and time in congestion. A different set of questions was used to derive values for reductions in fatalities and injuries. The choice questions provided respondents with options for government programmes that differed in cost to them and in total annual numbers of road deaths and injuries. The results suggest the benefit of significant changes to some of the values in the current MBCM, including for the base value of travel time and for the value of preventing a fatality.