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• W607500814 abstract "Earlier in Strategic Highway Research Program 2 (SHRP 2) research, Reliability Project L11: Evaluating Alternative Operations Strategies to Improve Travel Time Reliability presented a novel approach to establishing an economic value for travel time reliability. The approach is based on the real options theory from the financial sector, in which an individual purchases an insurance premium to protect against an undesirable outcome. The travel analogy is when a traveler knows the normal travel time to a destination but chooses an earlier departure time to reduce the risk of a late arrival. This extra travel time has a monetary value and represents the insurance premium that a traveler is willing to pay. The method is data driven, using actual local historical travel times as the basis for establishing a value of reliability, whereas previous methods have used behavioral modeling techniques. The Maryland State Highway Administration currently has a project development and programming process to address short-term congestion relief that includes the value of travel time reliability based on consolidated past research and methodologies. This project’s purpose was to further develop and pilot the viability of the options-theoretic approach in Maryland, establish a localized range of reliability values based on state travel time data, compare the new values to those already in use, apply the newly established values in the project development and analysis process, and conduct an assessment of the findings and results. A travel time data-driven methodology was constructed to produce a range of local values for reliability, and the sensitivity of this range of values was examined using an actual short-term congestion relief project to better understand application effects. While the data-driven method shows promise, additional validation is required on the underlying theories, method, and test application results. Suggestions for further research are presented. In addition, the applicability of incorporating the value of reliability into long-range project development, prioritization, and selection was explored as a proof of concept. Although the Maryland State Highway Administration is the basis for this pilot study, the underlying theory, principles, and data-driven method, as well as the further research suggestions, could be informative to other agencies and jurisdictions that have an interest in considering incorporating travel time reliability into their project development and programming decision-making process." @default.
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• W607500814 date "2014-02-20" @default.
• W607500814 modified "2023-10-15" @default.
• W607500814 title "Value of Travel Time Reliability in Transportation Decision Making: Proof of Conceptâ€Maryland" @default.
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• W607500814 doi "https://doi.org/10.17226/22280" @default.
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