Variation in the value of travel time savings and its impact on the benefits of managed lanes |
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| Authors: | Sunil Patil W Douglass Shaw Sisinnio Concas |
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| Institution: | 1. RAND Europe , Westbrook Center , Milton Road, Cambridge, CB4 1YG, UK;2. Department of Agricultural Economics and Hazard Reduction and Recovery Center , Texas A&3. M University , Agriculture and Life Sciences Building, 600 John Kimbrough Blvd., College Station, TX, 77843-2124, USA;4. Center for Urban Transportation Research , University of South Florida , 4202 E Fowler Avenue, CUT 100, Tampa, USA |
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| Abstract: | This paper 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% 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% 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. |
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| Keywords: | travel time savings value managed lanes urgent situations mixed logit model |
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