Investigating preference heterogeneity in Value of Time (VOT) and Value of Reliability (VOR) estimation for managed lanes

Md Sakoat Hossan, Hamidreza Asgari and Xia Jin

Transportation Research Part A: Policy and Practice, 2016, vol. 94, issue C, 638-649

Abstract: This paper presents an empirical study in investigating user heterogeneity of Value of Time (VOT) and Value of Reliability (VOR). Combined Revealed Preference (RP) and Stated Preference (SP) data were used to understand traveler choice behavior regarding the usage of managed lanes (MLs). The data were obtained from the South Florida Expressway Stated Preference Survey, which focused on automobile drivers who had traveled on the I-75, I-95, or SR 826 corridors in South Florida. Mixed logit modeling was applied and indicated an average value of $13.55 per hour for VOT and $16.13 per hour for VOR. Potential sources of heterogeneity in user sensitivities to time, reliability, and cost were identified and quantified by adding interaction effects of the variables in the mixed logit model. The findings indicated that various socioeconomic demographic characteristics and trip attributes contributed to the variations in VOT and VOR at different magnitudes. The results of this study contribute to a better understanding on what attributes lead to higher or lower VOT and VOR and to what extent. These findings can be incorporated into the demand forecasting process and lead to better estimates and enhanced analytical capabilities in various applications, such as toll feasibility studies, pricing strategy and policy evaluations, and impact analysis.

Keywords: Preference heterogeneity; Mixed logit; Value of time; Value of reliability; Willingness-to-pay; Managed lanes (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (8)

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DOI: 10.1016/j.tra.2016.10.022

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