What does VOT mean in Unclassified?
This page is about the meanings of the acronym/abbreviation/shorthand VOT in the Miscellaneous field in general and in the Unclassified terminology in particular.
Value Of Time
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Definition
What does VOT mean?
- Value of time
- In transport economics, the value of time is the opportunity cost of the time that a traveler spends on his/her journey. In essence, this makes it the amount that a traveler would be willing to pay in order to save time, or the amount they would accept as compensation for lost time. One of the main justifications for transport improvements is the amount of time that travelers will save. Using a set of values of time, the economic benefits of a transport project can be quantified in order to compare them to the costs (thus forming the basis of cost-benefit analysis). In particular, savings (or, for that matter, increases) in travel time form part of the change in consumer surplus for a transport project.
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"VOT." Abbreviations.com. STANDS4 LLC, 2024. Web. 6 May 2024. <https://www.abbreviations.com/term/1516324>.
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