Empirical Study of the Variation of Value of Travel Time and Reliability

This research used an empirical analysis of Katy Freeway Managed Lane (ML) data to examine the variation of the value of travel time (VOT) and reliability (VOR). The value of travel time and reliability were found to vary by different time periods. Travelers who take more trips on this freeway are more likely to use the toll-free lanes instead of the Managed Lanes (MLs) and have a lower VOT and VOR. In addition, experiencing a slow or delayed trip resulted in an increase in commuters’ VOT and VOR, which indicates that the travelers update their VOT and VOR according to their past travel experience. The paper recommends an efficient toll policy taking into account the complex and interacting changes of VOT and VOR for better operational benefits. Revealing the variation of VOR can help transportation analysts make better evaluation analysis and improve transportation models in mode choice, economy, and planning.

• Supplemental Notes:
  • This paper was sponsored by TRB committee ABE20 Standing Committee on Transportation Economics. Alternate title: Empirical Study of the Variation of the Value of Travel Time and Reliability.
• Corporate Authors:

  Transportation Research Board

  500 Fifth Street, NW
  Washington, DC  United States  20001
• Authors:
  • Zhang, Terry Tianya
  • Burris, Mark
  • Jin, Peter J
• Conference:
  • Transportation Research Board 96th Annual Meeting
  • Location: Washington DC, United States
  • Date: 2017-1-8 to 2017-1-12
• Date: 2017

Language

• English

Media Info

• Media Type: Digital/other
• Features: Figures; References; Tables;
• Pagination: 25p
• Monograph Title: TRB 96th Annual Meeting Compendium of Papers

Subject/Index Terms

• TRT Terms: Managed lanes; Reliability; Toll roads; Travel time; Value of time
• Identifier Terms: Katy Freeway (Houston, Texas)
• Subject Areas: Economics; Highways; Operations and Traffic Management;

Filing Info

• Accession Number: 01623332
• Record Type: Publication
• Report/Paper Numbers: 17-02354
• Files: TRIS, TRB, ATRI
• Created Date: Jan 24 2017 3:31PM