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Travel time reduction benefit is the most important benefit item in the feasibility study of transportation infrastructure investment projects and calculated by using the value of travel time. The current feasibility study guideline (5th edition) calculate the value of non-business ravel time in a metropolitan area, using the ratio of the value of non-business travel time to business travel time calculated based on the nationwide inter-regional traffic survey data of 1999. The characteristics of metropolitan trips are different from those of nationwide regional trips. Metropolitan trips have frequent transfers between multiple public transits and long-time commuter trips. Therefore, this research aims to calculate the value of travel time reflecting traffic characteristics in a metropolitan area by improving the limitation of current calculation methods. To reflect these characteristics, this research extracts commuter trips from non-business trips and calculates the value of travel time for commuter trips. The results of the likelihood ratio test for the commuter trip model and the non-business trip model are found to be statistically significant. An integrated public transportation model was also estimated in this study to reflect the trip conditions of the Seoul metropolitan area integrated fare system. The results of comparing coefficients between bus and subway in the integrated public transit model indicated that there were no statistically significant differences between the two modes.

Calculation of Travel Time Values in Seoul Metropolitan Area Considering Unique Travel Patterns