A dynamic pricing strategy for high occupancy toll lanes |
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| Institution: | 1. Hanyang University Erica Campus, Department of Transportation and Logistics Engineering, 55 Hanyangdaehak-ro, Sangnok-gu, Ansan 426-791, Republic of Korea;2. Korea Advanced Institute of Science and Technology, The Cho Chun Shik Graduate School for Green Transportation, 2116-1 Eureka Bldg., 335 Gwahak-ro, Yuseong-gu, Deajeon 305-701, Republic of Korea;3. Korea Advanced Institute of Science and Technology, Department of Civil and Environmental Engineering, 291 Daehak-ro, Yuseong-gu, Daejeon 305-701, Republic of Korea;4. Construction and Economy Research Institute of Korea, 11th F. Construction Bldg, 711 Eonjuro, Kangnam-gu, Seoul 135-701, Republic of Korea |
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| Abstract: | High Occupancy Toll (HOT) lanes are emerging as a solution to the underutilization of High Occupancy Vehicle (HOV) lanes and also a means to generate revenue for the State Departments of Transportation. This paper proposes a method to determine the toll price dynamically in response to the changes in traffic condition, and describes the procedures for estimating the essential parameters. Such parameters include expected delays, available capacity for toll-paying vehicles and distribution of travelers’ value of time (VOT). The objective function of the proposed pricing strategy can be flexibly modified to minimize delay, maximize revenue or combinations of specified levels of delay and revenue. Real-world data from a 14-mile of freeway segment in the San Francisco Bay Area are used to demonstrate the applicability and feasibility of the proposed method, and findings and implications from this case study are discussed. |
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| Keywords: | Dynamic pricing High-occupancy toll Heterogeneous travelers Value of travel time |
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