1 This is the final draft of an article published on Journal of Transport Geography, available online: http://dx.doi.org/10.1016/j.jtrangeo.2009.06.009 Estimation of option and non-use values for intercity passenger rail services Justin S. Chang  Korea Transport Institute, 2311 Daehwa-Dong, West Ilsan-Gu, Goyang City, Gyeonggi Province 411-701, Republic of Korea Abstract This paper considers option and non-use values of intercity passenger rail services in Korea. The total economic value of a given transport service can be classified into use, option and non-use values, but other grouping rules can be applied, respectively. The use value is the consumer ’ s surplus from the actual ride of a specific mode. The option value, on the other hand, can be defined as a traveller ’ s willingness to pay for reserving a travel mode, which is not his or her main choice, as a standby alternative. Finally, the non-use value represents benefits that are not attributable to the actual use or option use, but to the vicarious, altruistic, functional and existing worth of a transport service. A random stated preference survey based on a double-bounded dichotomous choice is conducted. A survival model is applied to the data collected. Calculations are based on trip makers’ willingness to pay for option and non-use values, using the parameters of the estimated survival model. Some concluding remarks are also presented. Keywords: Use values; Option values; Non-use values; Stated preference; Double- bounded dichotomous choice survey; Survival analysis 1. Introduction An option value can be defined as a traveller ’ s willingness to pay for any possibility of use of a transport service. Namely, the value is an amount of worth to preserve the option of using a travel mode for trips not yet anticipated or currently undertaken by other modes. A good example may be a car owner ’ s evaluation of rail  Tel.: +82 31 910 3061; fax: +82 31 910 3225. E-mail address: justin@koti.re.kr