The economic category of time in the context of the analysis of transport projects: theoretical aspects and assessment tools

Abstract

Research background: Swedish economist S.B. Linder considered time as the rarest resource, for the preservation of which people are willing to pay more and more. The problem of monetized evaluation of the benefits of reducing travel time has been relevant for the transport economy since the 1960s. The article is devoted to the study of the specifics of the time resource in modern socioeconomic systems and the analysis of approaches for assessing the benefits of changing time costs. Purpose of the article: To make a retrospective analysis of the phenomenon of time in economics, to investigate the evolution of methodological approaches to the assessment of time resources, to uncover contradictions between the fundamental ideas about the distribution of time resources and methods for assessing the benefits of changes in time costs. Methods: The methods of systematic, retrospective and comparative analysis are used in the paper. Findings & Value added: The conclusions obtained in the course of the study allow us to expand and concretize the methodology of economic assessment of transport projects. There are identified and systematized factors that determine the need for differentiated accounting of changes in the value of reducing travel time for passengers, which ultimately determines the demand for transport services.