The Value of Reliability and its Relevance in Transport Networks

The present chapter offers a survey of the transport economic literature concerning the value of reliability (VOR) and a discussion of its relevance in integrated transport networks. First, it considers the main microeconomic models that have been proposed in order to provide an identification of the VOR. Secondly, it presents an international overview of the VOR estimations, aiming to ascertain the similarities and differences among transport means and among countries, in both passenger and freight transport. Thirdly, it proposes a discussion that pertains to the relevance of VOR in multimodal transport chains in both passenger and freight transport. Finally, the chapter offers some concluding remarks and highlights future directions of research.