Podium Session 7: Reliability Premium: A Unified Conceptual Framework for the Cost of Travel Time Variability
Title: Reliability Premium: A Unified Conceptual Framework for the Cost of Travel Time Variability
Authors: Zhaoqi Zang, Richard Batley, David Z.W. Wang, Hong K. Lo
Abstract: This paper proposes the reliability premium to capture the cost of travel time variability (TTV) directly and intuitively. Its appealing properties enable it to offer a unified framework for both (1) evaluating the cost of TTV in time units from the traveler’s perspective when making route choice decisions and (2) valuing the monetary cost of TTV f...
Keywords: Travel time variability; Risk; Cost; Value of reliability; Reliability premium