The values that travelers attach to travel time can be inferred from their choices among services that differ in time and money costs. This study applied maximum-likelihood estimation techniques to ridership survey data to provide estimates of waiting-time values. Survey data was collected for routes on which a schedule of alternating high- and low-fare buses offered passengers an unusually wide range of prices for saving time. Results from this method provide population distribution estimates of waiting-time values rather than merely one or a few representative values.