Variation in the Value of Travel Time and its Impact on the Benefits of Managed Lanes
W. Douglass Shaw
Texas A&M University
RAND Corporation - RAND Europe - Cambridge
affiliation not provided to SSRN
University of South Florida - Center for Urban Transportation Research
March 15, 2011
Transportation Planning and Technology, Vol. 34, pp. 547-567, August 2011
This research examines the variation in the value of travel time savings (VTTS) for travelers with a managed lane (ML) option when taking an ordinary trip versus a trip that is unusual in some way. VTTS estimates vary substantially depending on the urgency of the trip made. At the low end, the mean VTTS for a traveler who wants to make extra stops and still arrive on time is approximately 10 percent higher than that for an ordinary trip. At the high end, a traveler running late for an appointment shows a mean VTTS that is approximately 300 percent higher than that for an ordinary trip. These estimates vary widely over the population of travelers. In light of these variations, the value of an uncongested travel alternative (such as MLs) is examined and found to be greatly undervalued if using typical VTTS estimates.
Keywords: Transportation, Stated Choice Model
JEL Classification: R41Accepted Paper Series
Date posted: April 13, 2011 ; Last revised: September 18, 2012
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