Monetizing Reliability to Evaluate the Impact of Transportation Alternatives
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2017-02-10
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TRIS Online Accession Number:01650921
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NTL Classification:NTL-PLANNING AND POLICY-Land Use;NTL-PLANNING AND POLICY-PLANNING AND POLICY;
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Abstract:The objectives of this research project are: 1) to review various definitions of travel time reliability proposed by researchers and practitioners in the past, 2) to estimate and assess the differences in the performance measures to recommend the most appropriate and viable measures, 3) to define and identify travel time reliability thresholds based on additional costs incurred to motorists, and, 4) to monetize reliability based on the recommended definition to assess the impact of transportation alternatives for use by the North Carolina Department of Transportation (NCDOT). Data gathered through preliminary random general survey followed by focus group survey and final random survey are used to research perceptions of North Carolina participants, recommend travel time reliability thresholds and assess the value of travel time, willingness to pay, value of additional trip time, and the value of buffer time.
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