Abstract

Although the effects of travel time and its reliability have been addressed in a variety of papers concerning pricing policies, most of the existing research is based on the assumption that travelersâ?? preferences are static over a given time interval, such as the morning commuting period. Here, we relax this assumption, assuming rather that travelersâ?? tastes toward the travel time and its reliability vary with time, and examine their time-dependent effects on travelerâ??s route choice decisions. We adopt a mixed logit formulation of route choice behavior as a function of travel time, reliability, and cost. To uncover the values of travel time and its reliability, we introduce an alternative approach to the use of traveler surveys to estimate the model coefficients by determining the parameter set that produces the best match between the aggregated results from the travelersâ?? route choice model and the observed time-dependent traffic volume data from loop detectors. We apply the methodology to loop detector data obtained from the California State Route 91 value-pricing project, and use a genetic algorithm to identify the parameters. The time-dependent values of travel time and values of reliability for the morning commuting period are estimated and their implications on the toll pricing policy are discussed. The results indicate that, under the time-dependent formulation, travel-time savings may be more important than uncertain travel time when departure time is close to such time constraints as work-start time.