TY - GEN
T1 - Value of travel time estimation for panynj and new jersey turnpike facilities
AU - Yanmaz-Tuzel, Ozlem
AU - Ozbay, Kaan
PY - 2008
Y1 - 2008
N2 - This paper investigates Value of travel time (VOTT) of commuters traveling on PANYNJ toll facilities in the presence of time-of-day pricing. The methodology proposed to estimate VOTT develops Bayesian random-coefficient multinomial logit models (BRC-MNL) using travel surveys conducted as a part of (3). The proposed approach is a novel way used to examine the commuters' behavior based on more flexible model specifications. Empirical results show that travel time, toll, income, and departure time are statistically significant parameters affecting VOTT of PANYNJ toll facility commuters. Mean VOTT estimates are found to be around 16.5$/hr for E-ZPass peak users, and around 15.15$/hr for E-ZPass off-peak users, with standard deviation estimates close to 6.45 $/hr during peak periods and 5.72 $/hr during off-peak hours. When compared with NJTPK commuters, the estimation results show a similar behavior.
AB - This paper investigates Value of travel time (VOTT) of commuters traveling on PANYNJ toll facilities in the presence of time-of-day pricing. The methodology proposed to estimate VOTT develops Bayesian random-coefficient multinomial logit models (BRC-MNL) using travel surveys conducted as a part of (3). The proposed approach is a novel way used to examine the commuters' behavior based on more flexible model specifications. Empirical results show that travel time, toll, income, and departure time are statistically significant parameters affecting VOTT of PANYNJ toll facility commuters. Mean VOTT estimates are found to be around 16.5$/hr for E-ZPass peak users, and around 15.15$/hr for E-ZPass off-peak users, with standard deviation estimates close to 6.45 $/hr during peak periods and 5.72 $/hr during off-peak hours. When compared with NJTPK commuters, the estimation results show a similar behavior.
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M3 - Conference contribution
AN - SCOPUS:84879010922
SN - 9781615677566
T3 - 15th World Congress on Intelligent Transport Systems and ITS America Annual Meeting 2008
SP - 6979
EP - 6990
BT - 15th World Congress on Intelligent Transport Systems and ITS America Annual Meeting 2008
T2 - 15th World Congress on Intelligent Transport Systems and ITS America Annual Meeting 2008
Y2 - 16 November 2008 through 20 November 2008
ER -