Monetizing Reliability to Evaluate the Impact of Transportation Alternatives

Principle Investigator: Srinivas S. Pulugurtha
Research Staff: Praveena Penmetsa, Venkata R. Duddu, Swapneel R. Kodupuganti, Raghuveer Gouribhatla, Ajinkya Mane, Venu M. Kukkapalli, Synthia Tagar
Funding Agency: United States Department of Transportation

There has been a paradigm shift in focus from intersection-level to link- or corridor-level performance measures and analysis in recent years. The possibility of capturing extensive, continuous, and dynamic travel time data from private sources such as HERE, INRIX and Tom Tom opened many pragmatic avenues to predict reliability at link-level. Travel time reliability (or index or variability) is considered as the most viable performance measure for link- or corridor level analysis and evaluation of transportation alternatives. It is expected to be widely used in transportation planning, project prioritization, and allocation of resources. The main objective of this research was to monetize reliability based on the recommended definition to assess the impact of transportation alternatives for use by the North Carolina Department of Transportation. Data gathered through preliminary random general survey followed by focus group survey and final random survey are used to research perceptions of North Carolina participants, recommend travel time reliability thresholds and assess the value of travel time, willingness to pay, value of additional trip time, and the value of buffer time.