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Option and non-use values of rail services  

Chang, Justin Su-Eun (한국교통연구원 국가교통물류전략연구본부)
Kang, Ji-Hye (한국교통연구원 철도교통연구실)
Lee, Beom-Shin ((주)GRI Research)
Yun, Suk-Kang ((주)GRI Research)
Publication Information
Journal of Korean Society of Transportation / v.26, no.6, 2008 , pp. 143-154 More about this Journal
Abstract
This paper considers option and non-use values of rail services. The total economic value of a given transport service can be classified into use, option and non-use values, other grouping rules can be applied though. The use value is the consumer's surplus from the actual rides of a specific mode. The option value, on the other hand, can be defined as a traveler's willingness to pay for reserving a travel mode, which is not his or her main choice, as a standby alternative. Finally, the non-use value represents benefits that are not attributable to the actual use or option use, but to the vicarious, altruistic, functional and existing worth of a transport service. A stated preference survey based on a double-bounded dichotomous choice is conducted. A survival model is applied to the data collected. Calculations of trip makers' willingness to pay for option and non-use values are based on the parameters of the estimated survival model. Some suggestions for transport appraisal are also presented.
Keywords
Option values; Non-use values; Stated preference; Double-bounded dichotomous choice survey; Survival analysis; Transport appraisal;
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