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:
  • Managed lanes
  • Value of time
  • Reliability
  • Travel behavior
  • Choice models
  • Logits
  • Surveys
• 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.
  More +
• Format:
  PDF
• Download URL:
  https://rosap.ntl.bts.gov/view/dot/29615/dot_29615_DS1.pdf
• File Type:
  [PDF - 760.67 KB]
• Collection(s):
  US Transportation Collection
• Main Document Checksum:
  urn:sha-512:acd0232ad82b397067b2f15a8233a5fa399929453939f427c952b9bf4edc1c6f71d09e3c057671e7a10277c62999e2c533fee3f1e7e2d11f750020d05e363fed