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Estimating the Value of Travel Time for Toll Road Demand Forecast

Kim Seoljoo 1 Jung Changyong 2 Shon Eui-Young 1 김재영 3 Ko Chunsoo 1

1서울시립대학교
2서울시립대학교 교통공학과
3한국개발연구원

Accredited

ABSTRACT

In analyzing the travel demand in toll road, it is necessary to convert toll to travel time using the value of travel time, in which the value of time is calculated by Marginal Wage Rate Rule. The value of travel time by Marginal Wage Rate, however, could not completely reflect one’s willingness to pay and could be varied by travel distance, travel purpose and income level. The analysis using identical values can be generated a bias in demand forecasting of toll road. This study estimates the value of travel time by travel distance, travel purpose and income level to improve reliability of demand forecast using Stated Preference data in Umyun Mt. Toll Tunnel. Moreover, it is concluded the value of time in toll road is relatively lower than existing value of time because the existing value of time includes indirect cost of 30% in addition to wage.

Citation status

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