THE SURE WORD FOR TODAY'S QUOTATION FOR THE WEEK:
GOD HAS GIVEN ME A DIVINE PURPOSE.
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The Cost of Time — Part 3.
To every thing there is a season, and a time to every purpose under the heaven.
Ecclesiastes 3: 1 (KJV).
The United Kingdom Department for Transport continuously calculates average values of time for travel on various modes of transport. These values are used to appraise transport projects as part of the departments New Approach to Appraisal. Some examples are given below in 2002 prices:
- Car drivers: £26.43 per hour
- Car passengers: £18.94 per hour
- Bus passengers: £20.22 per hour
- Rail passengers: £36.96 per hour
- Underground passengers: £35.95 per hour
- Walkers: £29.64 per hour
- Cyclists: £17.00 per hour
Non-working time is the time spent outside our work, including journeys to and from work and leisure. Since this time is not valued in a market, it can only be estimated from revealed preference or stated preference analysis techniques. A traveller's choice between expensive and faster modes is compared to alternatives of slower, cheaper modes.
Let's assume a traveller chooses to use a coach, which will take six hours and cost £10, to a train which costs £30 for four hours. The deduction in this scenario is that if the traveller decides to choose the train, their value of time is £10 per hour or more since they are willing to spend an additional £20 to save two hours of their time.
It is difficult to narrow down the actual value of time, but hypothetical situations are generally used to deduce time values. The value of non-working time is linked to utility theory.
Utility theory is interested in people's preferences or values and assumptions about a person's preferences that enable them to be represented in numerically practical ways. Utility refers to the degree of pleasure or satisfaction that an individual receives from an economic act.
In the English language, time is used frequently. When time passes, you know what it feels like. Your today became yesterday. Your present becomes your past. For those in a temperate climate, you see the seasons come and go in a flash. You see the years flashing by. You are aware you are getting old. How you spent your time then matters. You can start now to spend your time wisely. This is your life, and it is ending one minute at a time.
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All Scripture quotations are taken from the King James Version of the HOLY BIBLE unless otherwise indicated.
‘The Sure Word for Today’ is a publication of ‘The Sure Foundation Transcend Ministries,’ registered in the United Kingdom.
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