Second International Conference on Public-Private Partnerships
Evaluation of Traffic and Revenue Risks of Toll Roads and Managed Lane Facilities
Publication: Advances in Public-Private Partnerships
ABSTRACT
Traffic and revenue (T&R) forecasts are based on travel demand models and inputs with associated uncertainties and imperfections. Forecasters must guard against overstating a proposed project’s T&R potential while avoiding being too conservative. Performing sophisticated risk assessment and sensitivity tests on key input parameters is a prudent solution to this forecasting dichotomy, thus reducing the risk in planning, designing, and financing the toll facilities. This paper presents a risk analysis process and shows two case studies, one for a traditional toll road (where all of the facility’s mainlanes are tolled) and one for a managed lane facility (where some of the mainlanes are tolled and some of the mainlanes, called general purpose lanes, are non-tolled), where the process is applied. In addition, impacts of select extreme events are estimated and presented.
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6. ACKNOWLEDGEMENTS
The authors would like to offer sincere thanks to Christopher Mwalwanda of CDM Smith Inc. for valuable inputs regarding the methodology. We would like to also thank Michael Copeland and Justin Winn at CDM Smith Inc. for reviewing and providing valuable comments on the paper, and Jennifer Miller at CDM Smith Inc. for providing the graphics in the paper.
REFERENCES
Jason D. Lemp and Kara M. Kockelman. Understanding and Accommodating Risk and Uncertainty in Toll Road Projects: A Review of the Literature in “Transportation Research Record: Journal of the Transportation Research Board”, No. 2132, Transportation Research Board of the National Academies, Washington, D.C., 2009, pp. 106–112.
Zhao, Y., and K. M. Kockelman. The Propagation of Uncertainty through Travel Demand Models: An Exploratory Analysis. Annals of Regional Science, Vol. 36, No. 1, 2002, pp. 145–163.
Lam, W. H. K., and M. L. Tam. Risk Analysis of Traffic and Revenue Forecasts for Road Investment Projects. Journal of Infrastructure Systems, Vol. 4, No. 1, 1998, pp. 19–27.
Palisade (2007) @Risk: Risk Analysis Add-in for Microsoft Excel, Windows version release 5.0.0 Professional Edition, Newfield N.Y., Palisade Corporation.
Caliper Corporation (1994–2011) TransCAD: Transportation Planning Software, Version 5.0 r4 Build 2100, Newton MA.
Information & Authors
Information
Published In
Advances in Public-Private Partnerships
Pages: 460 - 472
Editors: Zhanmin Zhang, Ph.D., The University of Texas at Austin, Cesar Queiroz, Ph.D., N/A, and C. Michael Walton, Ph.D., The University of Texas at Austin
ISBN (Online): 978-0-7844-8026-7
Copyright
© 2016 American Society of Civil Engineers.
History
Published online: Jul 11, 2017
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