Browse > Article
http://dx.doi.org/10.12815/kits.2013.12.3.042

Estimation of VMS Traffic Information Value Using Contingent Valuation Method  

Choi, Jung Yoon (아주대학교 건설교통공학과)
Yu, Jeong Whon (아주대학교 교통시스템공학과)
Publication Information
The Journal of The Korea Institute of Intelligent Transport Systems / v.12, no.3, 2013 , pp. 42-52 More about this Journal
Abstract
In this study, value of VMS (Variable Message Sign) traffic information is estimated by using CVM (Contingent Valuation Method), which is developed to quantify the value of non-marketable goods in environmental economics. CVM is used to estimate the value of goods provided by a project under consideration and then the project feasibility can be indirectly examined on the basis of the estimated value. This study focuses on estimating to estimate value of traffic information provided through VMS, a part of the transportation system enhancement project by Korea Expressway Corporation which is aimed at mitigating traffic problems on expressways. In particular, this study analyzes value of information separately by trip purpose, information type, and traffic flow condition. A state preference survey was designed to estimate the value of non-marketable traffic information. To maximize reliability of the survey results, a pilot survey was taken before the main survey. The open-ended question method was adopted in capturing users' willingness-to-pay. Both Tobit and binary Probit models were applied in estimating the value of VMS traffic information and their parameters were estimated using the maximum likelihood estimation. The estimation results suggests that the value of traffic information perceived by users is 518.28 KRW.
Keywords
ITS; Traffic information; CVM; Value of information; Traffic condition; Tobit;
Citations & Related Records
Times Cited By KSCI : 4  (Citation Analysis)
연도 인용수 순위
1 S. H. Kim, K. C. Choi, and J. W. Yu "Driver route choice models for developing real-time VMS operation strategies," KSCE Journal of Civil Engineering, vol. 26, no. 3D, pp.409-416, May. 2006.   과학기술학회마을
2 J. A. Jang, B. S. Moon, and K. C. Choi, "Assessment of diversion rate by detour traffic information provision in freeway," KSCE Journal of Civil Engineering, vol. 25, no. 2D, pp.221-226, Mar. 2005.   과학기술학회마을
3 L. Chu, H. K. Kim, Y. S. Chung, and W. Recker, "Evaluation of effectiveness of automated workzone information systems," Transportation Research Record, vol. 1911, pp.73-81, Dec. 2005.   DOI
4 N. Smith, V. Salim, J. Gannon, D. Olaru, and M. Wigan, "Matching user demand and technical supply for the design of traveller information services," 84th TRB Annual Meeting, Washington, D.C., USA, Jan. 2005.
5 G. Lindsey, "Planning and contingent valuation: some observations from a survey of homeowners and environmentalist," Journal of Planning Education and Research, vol. 14, no. 1. pp.19-28, Oct. 1994.   DOI
6 Y. Hayashiyama, S. Tanabe and F. Hara, "Economic evaluation of snow-removal level by contingent valuation method," Transportation Research Record, vol. 1741, pp.183-190, Jan. 2001.   DOI
7 Y. G. Son, B. J. Lee, Y. S. Eom, and M. Namgung, "Benefic Evaluation of Traffic Information Offered System using Contingent Valuation Method," KSCE Journal of Civil Engineering, vol. 22, no. 2D, pp.229-235, Mar. 2002.
8 J. J. Kim, and E. E. Lee, "A Comparative study about a value estimation method of the traffic information-based on freeway traffic information," KSCE Journal of Civil Engineering, vol. 24, no. 6D, pp.881-888, Nov. 2004.   과학기술학회마을
9 M. Y. Bin, and H. B. Kim, "Investigating the monetary value of bus arrival time information," Journal of Korean Society of Transportation, vol. 23, no. 6, pp.81-89, Oct. 2005.   과학기술학회마을
10 Y. S. Kang, T. H. Kim, and K. M. Jung, Guideline of ITS investment evaluation, The Korea Transportation Institute, Jan. 2007.
11 Ministry of Land, Infrastructure and Transport, Study on the establishment of a national highway ITS master plan, pp.35-87, 2008.
12 A. Alberini, "Optimal designs for discrete choice contingent valuation surveys: single-bound, doublebound, and bivariate models," Environmental Economics and Management, vol. 28, pp.287-306, May. 1995.   DOI   ScienceOn
13 B. M. Yeon, J. Y. Hong, and S. B. Lee, "Value analysis of user satisfaction by VMS traffic information using contingent value Method", The Journal of the Korea Institute of Intelligent Transport Systems, vol. 9, no. 2, pp.12-22, Apr. 2010.   과학기술학회마을
14 T. A. Cameron, and M. D. James, "Efficient estimation methods for use with 'closed-ended' contingent valuation survey data," The Review of Economic and Statisitics, Vol 69, no. 2 pp.269-276, May. 1987.   DOI   ScienceOn
15 M. Ben-Akiva and S. R. Lerman, Discrete Choice Anlysis: Theory and Application to Travel Demand, MIT Press. 1985