• Journal of the Economic Geographical Society of Korea
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• v.21 no.2
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• pp.107-118
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• 2018

Due to the rapid economic development, traffic congestion has become a dire concern in Beijing, China. Levying a congestion toll is seen as the most effective solution to the problem. Building a congestion pricing model is a crucial step in implementing a workable toll scheme. Unlike previous attempts, this study not only covers the theoretical discussion but also considers three practical issues: the speed-density relationship, the value of travel time savings, and the determination of optimal traffic volume. We estimate the speed-density relationship by regression models and the value of travel time saved through survey results. We further suggest a way through which the government could identify the optimal traffic flow by a series of trial-and-errors, without the knowledge of exact road demand structure. Finally, a practical tolling scheme is proposed for Beijing's second ring road along with some policy recommendations.

• International Journal of Highway Engineering
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• v.11 no.1
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• pp.47-58
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• 2009

Calibrating toll roads of highway networks needs additional weights within volume delay functions not like other general highway lints. However, current methods assigning additional weights in the volume delay function of toll roads are not sufficiently enough to predict real toll road volumes measured, since it does not consider discounting rates and an extra charges. This study develops methods to improve relevant and reliable volume delay functions. Suggested ideas include a method of weighting volume delay functions considering a value of time of vehicle types, a method of weighting volume delay functions considering lane distributions of vehicles, and a method of weighting volume delay functions considering percentages of link lengths per a number of lanes of toll roads. It is found that the method of weighting volume delay functions considering lane distributions of vehicles show most reliable and appropriate results, while the first method shows overestimation and the third method does underestimation of highway link volumes. In terms of assignment methods, total OD equilibrium assignment shows better results than PCU based assignment.

• Journal of Korean Society of Transportation
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• v.34 no.6
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• pp.510-522
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• 2016

In studies involving public transport, social welfare improvement is simply explained by the increase in public transport demand. However, the increase in the demand for public transport is mostly observed by the change in the frequency of public transport service, and in-vehicle crowding in public transport has not been an object of concern. This study examines and tries to reveal the cause of the changes of the social welfare and in-vehicle crowding of the changing public transport from imposing congestion pricing. We observe that congestion pricing increases in-vehicle crowding in public transport. This predictable phenomenon is more exacerbated in case of not operating bus-only lane. It should be noted that in-vehicle crowding is more increased in suburban, but in First-best toll system it tends to get worse less than it in other congestion pricing systems. We identify that the change of in-vehicle crowding is affected by the change of proximity of the housing to workplace, the number of commuting trips, and unpredictable distortion effect of the congestion charge.

• International conference on construction engineering and project management
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• 2009.05a
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• pp.800-807
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• 2009

The limited public funds available for infrastructure projects have led governments to consider private entities' participation in long-term contracts for finance, construction, and operation of these projects to share risks and rewards between the public and the private. Because these projects have complicated risk evolutions, diverse contractual forms for each project member to hedge risks involved in a project are necessary. In light of this, Build-Operate-Transfer(BOT) model is considered as effective to accomplish Public Private Partnerships(PPPs) with a characteristic of an ownership-reversion. In BOT projects, the government has used such an incentive system as minimum revenue guarantee(MRG) agreement to attract the private's participation. Although this agreement turns out critical in success of BOT project, there still exist problematic issues in a financial feasibility analysis since the traditional capital budgeting theory, Net Present Value(NPV) analysis, has failed to evaluate the contingent characteristic of MRG agreement. The purpose of this research is to develop real option model based on option pricing theory so as to provide a theoretical framework in valuing MRG agreement in BOT projects. To understand the applicability of the model, the model is applied to the example of the BOT toll road project and the results are compared with that by NPV analysis. Finally, we found that the impact of the MRG agreement is significant on the project value. Hence, the real option model can help the government establish better BOT policies and the developer make appropriate bidding strategies.