Interchange: Celebrate (Transportation) Diversity

In a recent post on Planetizen's Interchange blog, Todd Litman writes about the concept of "option value" and how it applies to municipal transportation policy.

Option value is an economic term referring to the value consumers place on having an option available, even if they do not currently use it.

Applying the concept to transportation, a city resident may value having bike, automobile, taxi, bus and rail options available to her even though she can easily walk to work, shopping, and entertainment.

This availability of options allows for maximum flexibility, providing adequate transportation from Point A to Point B regardless of the weather, costs, distance or type of the destination, or the accommodations needed for passengers or vehicle storage.

A dearth of options leaves her trapped, forcing her to choose less optimal options that are inadequate to her transportation needs.

Transportation diversity is also useful for drivers, who face less congestion on the roads, easier parking, a lower risk of accidents and less pollution.

Sadly, many planners have been slow to catch on to the concept of option value, basing system efficiency solely on traffic speeds and relegating plans for slower modes of transportation to the trash bin.