Analysis of The Time Value for Public Transport Passenger by Using Random Regret Minimization

This study aims to analyze the value of time a public transport passengers in Medan which is the amount of money issued by a person who was willing to save one unit of time traveling. An investment in transport projects should consider the high or low travel speeds for road users, whenever he or she is the driver, passengers or goods that were transported. Savings or reduction in the value of time is one of the advantages in transportation projects. Random Regret Minimization is a new method that can be used to calculate the value of time. The value of the travel time of passenger public transportation Medan with Random Regret Minimization method is Rp.6687.52/hour/person. Regret Minimization showed significantly different results with the Mode Choice Approach method and the Income Approach. This shows the tendency of public transport passengers in Medan to avoid the regret that will arise when the monorail will operate later.