In Korea, even though various factors have influence on the value of travel time, the guideline for road project appraisal doesn't take into account those factors and could bring distorted results. In this context, this paper aims to identify influencing factors on the value of travel time and to propose efficient and adequate standards for the value of travel time on road project appraisal.
In order to identify influencing factors on the value of travel time, interview surveys were carried out on the Cheonan-Nonsan expressway, which was the second road project initiated by private financing in Korea, as well as for the metropolitan area. SP(Stated Preference) data obtained through these interview surveys enabled an estimate of discrete choice models according to market segmentation, which made it possible to identify influencing factors on the value of travel time, and proposed the value of travel time for car users.
The results reveal that the values of travel time for toll road users and capital area residents are relatively higher than those of free road users and non-capital area residents. In this study, it was analyzed that income level, length of travel time and time saving/loss were key factors with impact on the value of travel time.
It may be recommendable that the discriminated value of travel time reflecting travelers' behavior and location characteristics should be fully exploited for road projects.