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Variation in the Value of Travel Time and its Impact on the Benefits of Managed LanesW. Douglass ShawTexas A&M University Sunil PatilRAND Corporation - RAND Europe - Cambridge Mark Burrisaffiliation not provided to SSRN Sisinnio ConcasUniversity of South Florida - Center for Urban Transportation Research March 15, 2011 Transportation Planning and Technology, Vol. 34, pp. 547-567, August 2011 Abstract: 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: R41 Accepted Paper SeriesDate posted: April 13, 2011 ; Last revised: September 18, 2012Suggested CitationContact Information
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