Under certain assumptions, values of travel time (VOT) can be divided into two parts: one associated with travel (i.e., the value of reducing travel time disutility) and the other associated with activities (the shadow price of time). The empirical results of combining RP and SP data showed that the VOT of travel was greater than that of activity. The results also showed that SP experiments that did not take or only took part of activities into consideration would underestimate VOT.