2021
DOI: 10.5198/jtlu.2021.1783
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Accessibility and uncertainty: An empirical analysis of option value in transport

Abstract: Are there option values for transport services? A few studies have tried to answer this question through various stated preference methods, but we do not know much about its magnitude in different contexts. In this paper, we summarize the theory on option value, present previous empirical work concerning transport, and discuss its links to accessibility. Accessibility can be seen as the end product of the transport system, and the argument we pursue is that option value is a component of accessibility. Therefo… Show more

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Cited by 5 publications
(2 citation statements)
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“…The concept of escaping can also be related to the concept of the option value, expressing that people value a good or service not because of actual use, but because of the option to be able to use it in the future (Geurs et al, 2006;Bondemark et al, 2021). Escape theory first explains that people, during their escape, may positively value the lack of options for travelling back, or value being difficult to access.…”
Section: Related Conceptsmentioning
confidence: 99%
“…The concept of escaping can also be related to the concept of the option value, expressing that people value a good or service not because of actual use, but because of the option to be able to use it in the future (Geurs et al, 2006;Bondemark et al, 2021). Escape theory first explains that people, during their escape, may positively value the lack of options for travelling back, or value being difficult to access.…”
Section: Related Conceptsmentioning
confidence: 99%
“…For example, an additional supermarket may not lead to more grocery shopping trips, but it does increase the probability that people can visit one that better matches their preferences. Note that people may also place value on activities and travel options that are not realized (Bondemark et al, 2021;Geurs et al, 2006). The total benefits 104 resulting from opportunities that are not realized will increase with the freedom of choice and thus with spatial accessibility, albeit again with diminishing returns.…”
Section: Spatial Accessibility and Transport-related Social Exclusionmentioning
confidence: 99%