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Consistency and fungibility of monetary valuations in transport: An empirical analysis of framing and mental accounting effects

This article represents an extremely important contribution to the foundations of economic evaluation in transport. It represents a collaboration between an established behavioural economist (Orr) and a prominent young stated preference researcher (Hess) and a prominent transport consultancy (Accent), and is the first direct test of whether assumptions regarding the two main currencies of economic evaluation in transport economics, safety and travel time savings, are consistent. It was based on an original hypothesis by Orr based on his work in behavioural economics and transport economic evaluation. It was an invited presentation to the UK Department for Transport economics team.