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This study assesses the appropriate amounts and applicable ranges of travel time values for freight transport modes in Korea. The findings suggest that it is possible to determine appropriate sizes and applicable ranges of travel time values of goods set for road transport mode (i.e. truck), whereas those for railway, inland waterway, marine, and air transport modes are not as easily estimated. The adequate travel time value for trucks is 20,000won/vehicle hour, and the application range of travel time value of trucks is 17,000~23,000won/vehicle hour considering other variables. The most adequate estimation method of determining the travel time value for road transport is the wage rate method, whereas the marginal rate of substitution method is more rational for railway, inland waterway, marine, and air transport modes considering the application purpose and characteristics of the goods transported.

A Study of Appropriate Amounts and Applicable Ranges of the Travel Time Values of Goods in Korea