Investigating the value of time and value of reliability for managed lanes.

Details

• Creators:
  Jin, Xia ; Hossan, Md Sakoat ; Asgari, Hamidreza
• Corporate Creators:
  Florida International University
• Subject/TRT Terms:
  Choice Models Logits Managed Lanes Reliability Surveys Travel Behavior Value Of Time
• Publication/ Report Number:
  BDV29-977-12
• Resource Type:
  Tech Report
• Geographical Coverage:
  Florida
• Corporate Publisher:
  Florida Department of Transportation
• Abstract:
  This report presents a comprehensive study in Value of Time (VOT) and Value of Reliability (VOR) analysis in
  
  the context of managed lane (ML) facilities. Combined Revealed Preference (RP) and Stated Preference (SP)
  
  data were used to understand travelers’ choice behavior regarding the usage of MLs. The data were obtained
  
  from the South Florida Expressway Stated Preference Survey conducted by the Resource Systems Group, Inc.
  
  (RSG), which gathered information from automobile drivers of South Florida who had recently made a trip on I-
  
  75, I-95, or SR 826 corridors. Various modeling and analysis approaches were employed to further reveal user
  
  heterogeneity in VOT and VOR.
  
  Mixed logit modeling was applied and indicated an average value of $9.41 per hour for VOT and $13.02 per hour
  
  for VOR. The model was further enhanced by adding interaction effects of variables, which helped recognize and
  
  quantify potential sources of heterogeneity in user sensitivities to time, reliability and cost. The sensitivities were
  
  employed to capture the user heterogeneity in VOT and VOR. The findings indicated that various socioeconomic
  
  demographic characteristics and trip attributes contributed to the variations in VOT and VOR at different
  
  magnitudes. This study provides a robust approach to quantify user heterogeneity in VOT and VOR by
  
  incorporating the corresponding interaction effects for specific market segments. The results of this study
  
  contribute to a better understanding on what attributes lead to higher or lower VOT and VOR and to what extent.
  
  These findings can be incorporated into the demand forecasting process and lead to better estimates and
  
  enhanced analytical capabilities in various applications, such as toll feasibility studies, pricing strategy and policy
  
  evaluations, and impact analysis, etc.
  
  
• Format:
  PDF
• Collection(s):
  US Transportation Collection
• Main Document Checksum:
  urn:sha-512:acd0232ad82b397067b2f15a8233a5fa399929453939f427c952b9bf4edc1c6f71d09e3c057671e7a10277c62999e2c533fee3f1e7e2d11f750020d05e363fed
• Download URL:
  https://rosap.ntl.bts.gov/view/dot/29615/dot_29615_DS1.pdf
• File Type:
  [PDF - 760.67 KB ]