Dynamic road pricing and the value of time and reliability

摘要: High Occupancy Toll (HOT) lanes that use dynamic pricing to manage congestion and generate revenue are increasingly popular. In this paper, we estimate the behavioral response of drivers in an HOT lane. The challenge estimation lies simultaneity price demand: structure tolling ensures prices increase as more enter Prior research has found higher usage. We find after controlling for instead respond tolls a manner consistent with economic theory. average 10 percent toll is 1.6 reduction Drivers primarily value travel reliability over time savings, although there heterogeneity relative values based on day destination or from work. results highlight importance both when estimating demand dynamically priced roads treating differentiated product bundled attributes.