One academic i know well, Dr Douglas, has done some recent research on the benefits of Driverless Cars. This in my opinion is only going to benefit Transurban. Keen on what others think.....
Findings:
(1) The probability of driverless car usage is 75% and the average willingness to pay was $6,903.
(2) The annual WTP equates to $1,015 per year or 15 cents per kilometre (when dividing by annual average car kilometres of 6,765) i.e. an extra 15 cents per KM can be charged if Driver-less Cars were adopted.
For Transurban M7 as example at 22.7km, per trip is currently $1.1722 per KM. The additional 15 cents on FY16 Actual would deliver +12.7% in Revenue. Or +$21.79m Revenue annual. to extract the Consumer Surplus.
An alternative way to look at this is with Drive time valued $at 17.90/hr based on 40% of hourly income ($89,000 p.a. at 2,000 hours per year). An average speed of 60kph was assumed and multiplied by drive kilometres (130kms per week x 52). The estimated saving for a halving driving time worked out at $1,015 per year or 15 Cents per kilometre.
The key at 100% likelihood to use a driverless car, respondents were willing to pay $9,727.
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