Comparing Value-of-Time Distributions in a Tolling Auction Mechanism Enabled by Vehicle-to-Infrastructure Technology

Highway tolling potentially provides a revenue stream for municipalities who are facing decreasing transportation budgets and increasing maintenance costs. The rise of new Vehicle- to - Infrastructure (V2I) technologies provides opportunities for employment of innovative tolling mechanisms. In recent years, auctions have been suggested as a potential tolling mechanism. There are many different ways to implement an auction, from the classical English auction to Vickrey auctions, which are popular with internet-based sellers. Thus, it is important to evaluate auction types for suitability as a tolling mechanism. Real -world trials to assess feasibility and profitability V2I auctions can be costly in terms of initial setup and public education. Another approach is to develop models of tolling scenarios to determine effectiveness. Data to support model development is difficult, if not impossible, to obtain. For instance, toll pricing and implementation strategy relies on a realistic estimation of the drivers’ realized preferences for Value of Time (VOT). The paper extends a previous Vickrey auction tolling model by considering different VOT distributions. Results from log-normal and beta distributions are compared to those obtained in the original study using the triangular distribution. This paper also explores other adjustments to the original model, namely varying road capacity values. The results indicate that revenues obtained by the toll operator are virtually invariant to the type of VOT distribution used.

Language

  • English

Media Info

  • Media Type: Web
  • Features: Figures; References; Tables;
  • Pagination: 17p
  • Monograph Title: TRB 95th Annual Meeting Compendium of Papers

Subject/Index Terms

Filing Info

  • Accession Number: 01594817
  • Record Type: Publication
  • Report/Paper Numbers: 16-5030
  • Files: TRIS, TRB, ATRI
  • Created Date: Jan 12 2016 6:11PM