Rational decision making in transport related investment programs greatly depends on the valuation of travel time savings. The primary objective of this study is to estimate the social value of travel time savings (SVTTS) in the city of Nanjing, China. A stated preference (SP) survey was conducted to investigate travelers' willingness to pay (WTP) for travel time savings. Face-to-face interviews were conducted at stations, shopping centers, schools, and parks in different urban districts in Nanjing. The binary and mixed logit models were developed. The results revealed that the random coefficient binary logit model is the superior model. The factors that significantly affect respondents' WTP for travel time savings include age, income, purpose, trip mode, distance of the recent trip, cost of the recent trip, whether people conduct other activities during their trip, reduction in travel time, and change in travel cost. The Monte Carlo simulation method was used to generate the distribution of the subject value of travel time savings (VTTS). Based on the mixed logit model, VTTS has a mean value of 35.80 RMB/h with a standard deviation of 6.10 RMB/h. The tax system is used to illustrate the contribution of different income groups to social funds, and the social value of statistical life was also calculated. The estimated SVTTS was found to be 43.72 RMB/h.
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