The recent worldwide financial crisis has imposed limitations on public and private spending
on new transport infrastructures. As a result, there is a need for new stricter criteria to
prioritize projects in a more socioeconomically efficient way. Project appraisal is a common
tool used for this effort. The value of time (VOT) is a relevant element in the appraisal of
transport projects. VOT is essential for the calculation of the gain derived from the reduction
of overall travel time for users by the development of a project. Because demand for the …