Research on Calculation of Value of Travel Time for Toll Road Users
2003.05 ~ 2003.09 / Korea Development Institute

-Research on the value of travel time for toll road users was performed based on income levels, local characteristics, and utility as related to traffic congestion. Using this data, efficiency and reliability of economic analysis and financial feasibility assessment was expected to improve. Also, accuracy of revenue and toll user calculations were expected to improve.
-The aerial scope of the project was restricted to the Seoul Metropolitan Area (Seoul, Incheon, Gyeonggi Province) and sample sites (Cheonan - Nonsan Expressway, Gyeongbu and Honam Expressways, National Road No. 23). Travel was classified between working and non-working time, and value of travel time was calculated for different income levels, travel distances and regions.
-Expected benefits of the project are identification of the various values of travel time by travel destination, travel time and distance, etc. This information can be utilized as base data for traffic forecast, demand elasticity analysis, and economic analysis in future privately funded road toll projects.