VALUE OF AUTOMOBILE TRANSIT TIME IN HIGHWAY PLANNING

ECONOMIC ANALYSIS OF PROPOSALS FOR HIGHWAY PROJECTS NECESSITATES ASSIGNING A DOLLAR VALUE TO THE TRANSIT TIME OF PRIVATE AUTOMOBILES. THE CURRENT APPROACH IS TO USE A PRESCRIBED DOLLAR FIGURE, SUCH AS $1.35 PER AUTOMOBILE-HOUR SUGGESTED BY THE AASHO. THIS PAPAER RESTS ON THE PREMISE THAT THERE IS NO SINGLE DOLLAR FOR TRANSIT TIME OF PRIVATE AUTOMOBILES WHICH CAN BE USED ALL OVER THE COUNTRY. FOR MOST USUAL APPLICATIONS IT IS INAPPROPRIATE TO BEGIN A PROBLEM WITH A PRESCRIBED DOLLAR FIGURE, THEREFORE THE NEED IS ESTABLISHED FOR A FLEXIBLE TECHNIQUE WHICH CAN BE USED IN DIFFERENT SITUATIONS FOR ASSIGNING AN APPROPRIATE VALUE. FINALLY, THE PAPER SHOWS HOW THE LOCAL CONCEPT OF SATISFACTORY HIGHWAY CONDITIONS CAN BE USED FOR ASSIGNING AN APPROPRIATE DOLLAR VALUE TO TRANSIT TIME. THE TECHNIQUE'S SUPERIORITY OVER THE CURRENT APPROACH LIES IN THE FACT THAT IT PROVIDES FOR SOME VALIDITY TESTS FOR JUDGMENT USED IN THE SELECTION OF SATISFACTORY HIGHWAY CONDITIONS. /AUTHOR/