Passenger Value of Time, Benefit-Cost Analysis and Airport Capital Investment Decisions, Volume 2: Final Report (2015) / Chapter Skim
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LIST OF FIGURES Figure 1. Flow of Research for the Project .....................................................................................
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1 INTRODUCTION Airport sponsors and airport managers are often called upon to weigh the costs and benefits of capital investment decisions. Alternatives considered may be different designs of a single improvement or alternative projects.
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1.1 Value of Time The passenger value of time is a major component of benefit analyses in capital improvement considerations at commercial airports. This broad category of analyses may include evaluation of projects that will provide the benefits of travel speed improvements or travel delay reductions.
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This research is intended to improve the application of benefit-cost analysis for airport investment decision-making. This research project takes a first step in improving the breadth of "value of time" measures.
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components, as well as other characteristics of the trip. Due to practical limits on the size of the survey, the SP experiments did not directly address the arrival end of an air trip, including: time to baggage claim or terminal exit; wait time at baggage claim and exiting the terminal; and airport ground egress time.
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Table 2. Capital Facilities that Affect the Time Spent in Specific Air Passenger Activities Passenger Air Trip Related Activity Terminal Landside (Departures)
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1.2 Research Approach The Research Team performed an extensive review of airport project evaluation activities and techniques. From the larger set of activities and techniques identified in the review, the Research Team chose to pursue a smaller set of more focused aspects.
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benefit-cost analysis and airport capital investment decisions. The literature review is provided in Appendix A.1 of this report.
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research: (1) economic analysis, (2)
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Deconstructing Passenger Value of Time Starting in Task 5, the research conducted for the project moved from looking at the role of passenger value of time in how airports make capital investment decision, to how to improve the technique of applying passenger value of time to benefit-cost analysis. The first step in this phase of the project was to summarize the most prominent current theories that explain how value of time and value of reliability in air travel are determined, with attention to how they vary with specific factors.
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time components. The approach adopted for the data collection involved a web-based survey of respondents who had taken an air trip within the U.S.
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The survey was conducted in two waves. The first 105 surveys were a "soft launch," with surveying suspended after these initial responses were received.
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estimating the relative benefit or cost effectiveness of proposed airport capital investments. The process allows for decision makers to screen whether particular airport projects warrant the use of the more detailed values of time presented in the Guidebook and to identify the types of travel time savings that are likely to occur for particular types of projects.
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Table 4. Correspondence of Report Chapters and Appendices and Research Tasks Chapter Task 1.
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