Special Report

Special Report (Vol. 56)

  • 2020-11-05
  • GDPC

Special Report Vol. 56 (2020)

Estimation of the Value of TravelTime Considering Road Accessibilityand Future Conditions

Chapter I. Introduction

1. Issues
2. Purpose of the Research

Chapter II. Review of the Present VOT-Related Conditions

1. Overview of the VOT
2. Problems with the Application of VOTs in the Current Investment Assessment System
3. Derivation of Analysis Tasks

Chapter III. Estimation of the VOT Considering Travel-Time-Savings Rates

1. Theoretical Review
2. Survey Design
3. Setting the Analysis Model
4. Results of Model Estimation

Chapter IV. Estimation of the VOT for Autonomous-Vehicle Users

1. Needs for Estimating the VOT
2. Survey Design
3. Defining the Analysis Model: Mixed Logit Model
4. Estimation Results for the VOT

Chapter V. Policy Recommendations and Conclusion

1. Policy Recommendations
2. Conclusion and Future Tasks


The value of travel time (VOT) is an important factor in determining the feasibility of road projects. The current feasibility study is flawed because it utilizes a uniform VOT, however, it fails to reflect various future changes in conditions.

This study predicted future changes in conditions, such as the polarization of cities and the popularization of autonomous vehicles, and looked at ways to ensure the accessibility of roads. The expansion of metropolitan areas and the increasing cost of road projects are expected to cause problems related to the decline of smaller cities and discrimination among transportation users. It is therefore necessary to be prepared for road accessibility in terms of equity.

According to the analysis that the VOT can vary depending on the amount of reduction in travel time, it is estimated that the VOT may be up to 142% higher than the existing uniform VOT. This would have a positive effect on feasibility studies in regions with low traffic demand in terms of a high rate of bypass reduction.

The VOT for autonomous vehicles that use fully autonomous driving was calculated to be 36,744 won, whereas the VOT for autonomous vehicles that use manual driving was calculated to be 48,198 won, and the VOT for shared autonomous vehicles was calculated to be 73,884 won. Policies for the introduction of new modes of transportation need to consider various hierarchical preference trends, such as travel distance, gender, and age.

It is expected that the government will be able to increase feasibility by remaining flexible while estimating the benefits of reducing travel time. Also, the VOT of autonomous vehicles can be utilized for investment in related facilities and the development of policies linked to the activation of autonomous vehicles. Finally, the basis for applying the new VOT, such as the reduction rate of travel time with autonomous vehicles, was presented to prepare base data for the revision of guidelines.

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