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Investigating the value of time and value of reliability for managed lanes.
  • Published Date:
    2015-12-01
  • Language:
    English
Filetype[PDF-760.67 KB]


Details:
  • Publication/ Report Number:
    BDV29-977-12
  • Resource Type:
  • Geographical Coverage:
  • Format:
  • 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.

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