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Full-Cost Analysis of the Katy Freeway Corridor
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1996-03-01
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[PDF-1.97 MB]
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Edition:Interim
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Abstract:Using a full-cost perspective, this report evaluated the different transportation improvement alternatives available for the IH-10 Katy Freeway corridor in Houston, Texas. Through MODECOST-a computer model based on the full-cost analys1s concept - we found that the current facility cannot meet future traffic demands. As a result, travelers on this facility will continue to bear substantial external costs, including congestion and air pollution costs. The results clearly show that, in order to satisfy the predicted travel demand on the section running from downtown Houston to Katy, the current facility and/or the current traveler's behavior characteristics (i.e., mode splits) will need to improve. As our investigation revealed, the savings that will accrue from the reduction of external costs and users/agency costs exceed the cost of initial investment. The case study conducted in this report shows that, in many cases, external costs and user/agency costs are more relevant than the initial investment in the facility. Expanding the current facility to add HOV lanes to accommodate ride-sharing and special transit service reduces the external costs and user/agency costs, which, in turn, reduces the full cost of the facility. The study also shows that full-cost analysis is a very effective tool for valuing transportation investment alternative comparisons. It is capable of enhancing qualitative assessments and planning/engineering judgment. The actual value calculated by the full-cost analysis sometimes can be used as an assessment indicator to policymakers and transportation professionals.
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