01623306

Component

To achieve an efficient distribution of traffic over the tolled and general-purpose lanes or roads, the toll magnitudes need to be set carefully. Optimal setting of toll magnitudes would require a detailed knowledge of the population being served. Understanding individual Values of Time (VOT, sometimes alternatively called value of time saved) allow estimating the utility each driver assess to determine the utility of using a toll road. This paper shows, from survey data, that individual VOT may vary depending on the tolling mechanism being used, especially when auction tolling is used. It is expected that with the emergence of connected and automated vehicles, more sophisticated tolling mechanisms, such as auctions, would be employed in the future. The auction methods considered in this paper are a sealed-bid auction and a Vickrey auction. Both mechanisms assume a sufficiently advance technology is in place for them to be deployed, i.e., Vehicle-to-Infrastructure (V2I). The results indicate that there is a difference in the VOT estimates for both auction types and this difference can be explained using Auction Theory.

This paper was sponsored by TRB committee ABE25 Standing Committee on Congestion Pricing.

01618707

17-00977

English

12p

2017

Transportation Research Board 96th Annual Meeting

Digital/other

Figures; Photos; References; Tables

Congestion pricing; Tolls; Value of time

Auction

Finance; Highways; Operations and Traffic Management

Transportation Research Board Annual Meeting 2017 Paper #17-00977

TRIS, TRB, ATRI

Dec 8 2016 10:15AM