Browsing by Subject "Value of time"

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    Benefit and Cost Analysis of the I-394 MnPASS Program
    (Intelligent Transportation Systems Institute, Center for Transportation Studies, University of Minnesota, 2012-02) Cao, Xinyu (Jason); Munnich, Lee; Liu, Henry; He, Xiaozheng (Sean); Xu, Zhiyi; Huang, Yan (Arthur)
    In this report, we explored the benefits and costs associated with converting the I-394 High Occupancy Vehicle (HOV) lanes to High Occupancy Toll (HOT) lanes. The study focused on the I-394 corridor, with a 10-year timeframe from 2006 to 2015. The benefits included travel time savings, safety benefits, and vehicle operating cost savings, and the costs consisted of capital costs and annual operating costs. Where applicable, the implementation of this study followed the benefit-cost analysis guidance of MnDOT. This study considered the benefits of both travel time savings and travel time reliability and the valuations of travel time savings and reliability were derived from econometric models for individual drivers’ behavior. HOT lane users choose the lanes because of travel time savings and/or the reliability of the lanes whereas previous studies considered only travel time savings and exclusively relied on standardized economic value of travel time. This study estimated safety benefits from crash reduction using the Empirical Bayes method. Previous studies scarcely considered the benefits resulting from the conversion of HOV lanes to HOT lanes. This study also showed that “naïve” approaches tended to overstate safety benefits, which highlighted the importance of using a sound methodology.
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    Value of Time for Commercial Vehicle Operators
    (Transportation Research Forum, 2005) Smalkoski, Brian
    The spring load restriction policy of Minnesota has been in effect for over 50 years with little consideration given to the cost that it imposes on the freight industry. A cost-benefit study was recently commissioned to examine the policy. The cost-benefit analysis required a precise estimate of the value of time for commercial vehicle operators in Minnesota. An estimate was not available from previous studies, or from previous data. The necessary revealed preference (RP) information does not exist, and relevance of previous studies was questioned based on the differences in geographic location and the age of data used to construct the estimates. A sample was constructed from several trucking industry sources to conduct a survey. Interviews were conducted using an adaptive stated preference (ASP) survey to derive an estimate to the nearest dollar. A tobit model was fit to the data from the interviews to derive the estimate for value of time. A mean of $49.42 was found, with a 95 percent confidence interval from $40.45 to $58.39. Variation in the distribution of values is largely undetermined, with the exception of fleet operation, whether it is a for-hire truck fleet, or a private truck fleet.