In a natural experiment, college students riding public transit to UCLA were presented with the opportunity to pay for time savings. They could pay 75t: to travel right away, or wait an average of 5.3 minutes for a free ride. Eighty~six percent of riders chose to wait rather than pay. Their behavior suggests that the dis utility of time spent waiting for a free ride is Jess than $8.50 per hour. Riders overestimated their wait time by a factor of two when it was imposed by the transit system, but accurately estimated their wait time when they chose to wait for the free bus ride.
Hess, Daniel B., et al.
Waiting for the Bus.
Journal of Public Transportation, 7 (4): 67-84.
Available at: http://scholarcommons.usf.edu/jpt/vol7/iss4/4