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A Study on Estimating the Value of Travel Time of Freight Transportation for Toll Roads Investment Evaluation

CHOI CHANGHO 1

1전남대학교

Accredited

ABSTRACT

The aim of this study is to estimate the Value of Travel Time(VOT) of freight transportation to be used in Cost-Benefit analysis for toll road project appraisals in Korea. So far VOT of freight transportation in Korea was estimated by simple method using wage rate only for working hours, therefore precise and theoretically concrete value of time was required to evaluate road projects in fair and transparent process. In this study the VOT of freight transportation was estimated by marginal rate of substitution method. In the method, the VOT of freight transportation was estimated by multi-nominal logit model with stated preference data which were surveyed on two toll roads and one untoll road in Cheonan-Jeonjoo Region. The stated preference data were segmented according to truck sizes, survey points, vehicle types and loading or unloading trips, etc. The multi-nominal logit models were composed of transport cost, in-vehicle time, and reliability of arrival time. The results of this study showed that the VOT of freight transportation in Korea was 17,817won per vehicle hour and varied ranges from 15,972 won to 20,425 won according to vehicle sizes. This results showed that the use of a single VOT estimated from wage rate can drives wrong results into Cost-Benefit analysis in road project and that the use of adequate VOT of freight transportation according to stated preference data is very important.

Citation status

* References for papers published after 2022 are currently being built.

This paper was written with support from the National Research Foundation of Korea.