“Local Methods for Modeling, Economic Evaluation, Justification and Use of the Value of Travel Time Reliability in Transportation Decision Making (SHRP2 L-35B)”
Final report: (http://www.trb.org/Publications/Blurbs/171444.aspx)
The specific problem that this research project addresses is to identify how an agency can include a value of travel time reliability (VTTR) in a benefit-cost analysis (BCA) when making congestion reduction-related project investment decisions. This project builds on the experiences of the Maryland State Highway Administration (SHA) and their on-going efforts to include reliability into their planning and programming processes. In carrying out this project, the research team developed a proposed travel time data-drive methodology that uses local travel time data to develop localized values of the reliability. The methodology is based on Real Options theory and a review of previous attempts to apply real options concepts to the problem of travel time reliability valuation is provided.
cattworks.org 