Option value of passenger transport: Examining the perceived value of transport options

Many people appreciate certain means of transport as their backup modes without necessarily using them. In environmental economics, this phenomenon of non-consumptive benefit is called option value and has been discussed for decades. However, in transport research, there have only been a few explorative attempts to examine the concept empirically.
This study aims at developing an instrument for the investigation of perceived option values in passenger transport. With the help of a survey tool, option valuations will be explained based on characteristics of the option mode, the travel context, and the personal context of the traveler. Furthermore, resulting valuations will be compared to market-proxies.
Subscriptions for secondary modes, purchases of second vehicles, and mobility insurances are market-based instruments that incorporate (some) option value. These backup solutions limit risk or volatility of transport costs. Therefore, under certain assumptions, the identified option values can also be compared to the valuation of financial options.
Because option values are highly context dependent, it is necessary to focus the analysis on (the inhabitants of) a specific region with its distinct transport system or options. This study proposes a methodology for the investigation of option values in passenger transportation in Switzerland for the first time.