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Underlying Values of Real-time Traffic Information on Variable Message Sign Using Contingent Valuation Method(CVM)  

Lee, Gyeong-A (서울대학교 환경대학원)
Kim, Jun-Gi (국토연구원 국토인프라GIS연구본부)
O, Seong-Ho (국토연구원 국토인프라GIS연구본부)
Lee, Yeong-In (서울대학교 환경대학원)
Publication Information
Journal of Korean Society of Transportation / v.29, no.3, 2011 , pp. 61-72 More about this Journal
Abstract
In the benefits of ITS, there are intangible gains from real-time traffic information as well as classical gains such as travel time saving. These intangible gains are difficult to be estimated by existing transportation investment appraisal commonly used in SOC investment. The major reason is not because of the absence of methodology but because of the absence of generalized values of particular benefits from real time traffic information. This research explores the value of real-time traffic information on VMS that is the most representative of ITS services, by using CVM with Double Bounded Dichotomous Choice Question. Willingness-To-Pay (WTP) functions of drivers are built with survival functions using various types of probability distribution functions such as Exponential, Log-logistic, and Weibull functions. The results reveal that Log-logistic distribution is the most appropriate distribution model to estimate WTP, and the estimated coefficients are stable through LR (Likelihood Ratio) test. For the further study, it is recommended to perform statistical tests of temporal and spatial transferability that is not examined in this research due to the lack of data.
Keywords
Contingent Valuation Method; Willingness-to-pay; Survival Function; Demand Curve; Double Bounded Dichotomous Choice Question;
Citations & Related Records
Times Cited By KSCI : 5  (Citation Analysis)
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