The Value of Travel Time and Reliability: Empirical Evidence from Katy Freeway
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abstract
Travelers place value on both time savings and reliability when choosing a route for a trip. The value of travel time (VOT) has long been an integral part of the appraisal of transport projects. Recently, some transport planners have been incorporating the value of travel time reliability (VOR) as well. This research used data generated by automated vehicle identification sensors from Katy Freeway travelers in Houston, Texas, to estimate VOT and VOR based on revealed preferences of these travelers. Lane choice models were developed to examine the factors influencing travelers lane choice decisions in different traffic conditions and to estimate their VOT. Models with two independent variables travel time and tollresulted in an estimated VOT from $1.96 to $8.06/h for all trips on a monthly basis. The research could not conclude whether the VOR had any impact on travelers lane choice decisions. The percentage of managed-lane trips was higher for the those who traveled the whole length of the managedgeneral-purpose lanes than for those who traveled only a part of the managedgeneral-purpose lanes. This difference might be the result of easier accessibility at the end of the managed lanes compared with that for midpoints.
