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The value of travel time and reliability-evidence from a stated preference survey and actual usage

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  • Devarasetty, Prem Chand
  • Burris, Mark
  • Douglass Shaw, W.

Abstract

This research examined travel behavior of Managed Lane (ML) users to better understand the value travelers place on travel time savings and travel time reliability. We also highlight the importance of survey design techniques. These objectives were accomplished through a stated preference survey of Houston’s Katy Freeway travelers. Three stated choice experiment survey design techniques were tested in this study: Bayesian (Db) efficient, random level attribute generation, and an adaptive random approach. Mixed logit models were developed from responses using each of those designs. The value of travel time savings (VTTSs) estimates do vary across the design strategies, with the VTTS estimates based on the Db-efficient design being approximately half the estimates from the other two designs. However, among the three design strategies, the value of travel time reliability (VOR) was only significant in the Db-efficient design.

Suggested Citation

  • Devarasetty, Prem Chand & Burris, Mark & Douglass Shaw, W., 2012. "The value of travel time and reliability-evidence from a stated preference survey and actual usage," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(8), pages 1227-1240.
  • Handle: RePEc:eee:transa:v:46:y:2012:i:8:p:1227-1240
    DOI: 10.1016/j.tra.2012.05.002
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    References listed on IDEAS

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    Cited by:

    1. Anderson, Michael L. & Lu, Fangwen & Zhang, Yiran & Yang, Jun & Qin, Ping, 2016. "Superstitions, street traffic, and subjective well-being," Journal of Public Economics, Elsevier, vol. 142(C), pages 1-10.
    2. Dixit, Vinayak V. & Harb, Rami C. & Martínez-Correa, Jimmy & Rutström, Elisabet E., 2015. "Measuring risk aversion to guide transportation policy: Contexts, incentives, and respondents," Transportation Research Part A: Policy and Practice, Elsevier, vol. 80(C), pages 15-34.
    3. Chao Huang & Mark Burris & W. Douglass Shaw, 2017. "Differences in probability weighting for individual travelers: a managed lane choice application," Transportation, Springer, vol. 44(2), pages 375-393, March.
    4. Liu, Wei & Yin, Yafeng & Yang, Hai, 2015. "Effectiveness of variable speed limits considering commuters’ long-term response," Transportation Research Part B: Methodological, Elsevier, vol. 81(P2), pages 498-519.
    5. Beaud, Mickael & Blayac, Thierry & Stéphan, Maïté, 2016. "The impact of travel time variability and travelers’ risk attitudes on the values of time and reliability," Transportation Research Part B: Methodological, Elsevier, vol. 93(PA), pages 207-224.
    6. Janson, Michael & Levinson, David, 2014. "HOT or not," Research in Transportation Economics, Elsevier, vol. 44(C), pages 21-32.
    7. Beck, Matthew J. & Hess, Stephane & Cabral, Manuel Ojeda & Dubernet, Ilka, 2017. "Valuing travel time savings: A case of short-term or long term choices?," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 100(C), pages 133-143.

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