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Variation in the value of travel time savings and its impact on the benefits of managed lanes

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  • Sunil Patil
  • Mark Burris
  • W. Douglass Shaw
  • Sisinnio Concas

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.

Suggested Citation

  • Sunil Patil & Mark Burris & W. Douglass Shaw & Sisinnio Concas, 2011. "Variation in the value of travel time savings and its impact on the benefits of managed lanes," Transportation Planning and Technology, Taylor & Francis Journals, vol. 34(6), pages 547-567, June.
    • Handle: RePEc:taf:transp:v:34:y:2011:i:6:p:547-567
    DOI: 10.1080/03081060.2011.600068
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    Cited by:

    1. Hossan, Md Sakoat & Asgari, Hamidreza & Jin, Xia, 2016. "Investigating preference heterogeneity in Value of Time (VOT) and Value of Reliability (VOR) estimation for managed lanes," Transportation Research Part A: Policy and Practice, Elsevier, vol. 94(C), pages 638-649.
    2. Lee, Sunghoon & Burris, Mark W., 2018. "Estimating the Option Value of managed lanes," Research in Transportation Economics, Elsevier, vol. 70(C), pages 28-36.
    3. Casady, Carter B. & Gómez-Ibáñez, José A. & Schwimmer, Emily, 2020. "Toll-managed lanes: A simplified benefit-cost analysis of seven US projects," Transport Policy, Elsevier, vol. 89(C), pages 38-53.
    4. 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.
    5. 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.
    6. Salvatore Cafiso & Alessandro Di Graziano & Tullio Giuffrè & Giuseppina Pappalardo & Alessandro Severino, 2022. "Managed Lane as Strategy for Traffic Flow and Safety: A Case Study of Catania Ring Road," Sustainability, MDPI, vol. 14(5), pages 1-16, March.
    7. Botzen, W.J. Wouter & de Boer, Joop & Terpstra, Teun, 2013. "Framing of risk and preferences for annual and multi-year flood insurance," Journal of Economic Psychology, Elsevier, vol. 39(C), pages 357-375.

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