Are commuters changing how they value their minutes? A new study of time/cost trade-offs between transit, Uber, and Lyft is a hint.
Time is a precious and nonrenewable resource. Lose it or save it, and you can’t trade it in for something else. But time can be traded off, depending on how you value it. And when it comes to the time we spend traveling, that value is in flux.
For example, it seems that more transit riders in major U.S. cities are making a clear choice with their time and money, as mounting evidence indicates that Uber, Lyft, and other transportation network companies (TNCs) are drawing them off buses and trains and into their back seats. Riders are choosing to shell out more for a speedier TNC journey where they can enjoy not having to drive.