Modelling the choice of mode and estimation of the value of travel time savings for the case of the Rion-Antirion suspension bridge in Greece

In this paper we estimate value of time savings specifically applied to the case of the Rion-Antirion suspension bridge which will connect the Western part of Greece through the Rion-Antirion sea strait with the region of Patras and consequently with Athens providing a faster and more efficient service for the passage of the sea strait than the existing obsolete ferry system. Value of time savings are important in determining that the correct level of tolls are based not only on market-oriented values but that they also ensure revenue maximization and user acceptance. Estimation of a multinomial logit model is done for the value of time savings for business and non-business categories of travellers who can only choose between private cars and buses. Our results show that for the case of non-business the value of time is about 60% of the wage rate, for the case of business, it is 85% of the wage rate.