Comprehensive Network-Level Urban Road Asset Valuation Method Integrating Physical and Social Values
Publication: Journal of Transportation Engineering, Part A: Systems
Volume 150, Issue 7
Abstract
The management of transportation infrastructure, particularly urban road networks, faces significant challenges due to limited financial resources. To overcome this hurdle, many have turned to public-private partnerships (PPPs) to enhance the economic value of transportation infrastructure outputs. However, monetizing the value of urban road networks and their surrounding areas remains a complex issue. Urban road networks are complex and vast systems, requiring a comprehensive approach to assess their true value accurately. This study proposes a novel model aimed at monetizing the assets of urban road networks. Unlike previous approaches that solely focus on physical values, our methodology also considers social values in relation to the performance, and spatial importance of urban road networks. The model employs the asset replacement cost as the foundational component and incorporates unquantifiable factors that contribute to economic externalities. Additionally, it takes into account the physical condition of the roads, allowing for the depreciation of road assets. Furthermore, we investigate the impact of social values on roads, a crucial aspect often overlooked in existing studies. This comprehensive approach was demonstrated through a case study in a city in China, where a section of the urban road network was selected for evaluation. The results showcased the model’s effectiveness in evaluating the assets of each link in the urban road network. Moreover, it revealed the evolution pattern based on the spatial distribution of various assets and their influence on the overall asset valuation of the road network. The proposed methodology also provides a theoretical foundation to transition from road infrastructure management to asset management. Beyond its academic contributions, our model offers valuable insights for decision-makers, enabling investment analyses and trade-offs in PPPs aimed at enhancing road network assets. By utilizing this approach, stakeholders can make informed decisions to optimize the economic benefits of urban road infrastructure and ensure sustainable transportation systems for the future.
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Data Availability Statement
Some or all data, models, or code that support the findings of this study are available from the corresponding author upon reasonable request.
Acknowledgments
This research was funded by the Education Department of Hebei Province of China (Grant No. ZD2021336), Hebei Provincial Department of Science and Technology (Multidimensional Transportation Big Data Spatiotemporal Analysis Technology, Jikezhuanhan 2023 Document No. 3). This research is further sponsored by Hebei Provincial Department of Science and Technology (Network-level Maintenance and Rehabilitation of Urban Road, Jikezhuanhan 2022 Document No. 11), Hebei Provincial Department of Science and Technology (Grant No. 235A0801D).
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Journal of Transportation Engineering, Part A: Systems
Volume 150 • Issue 7 • July 2024
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© 2024 American Society of Civil Engineers.
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Received: Aug 21, 2023
Accepted: Jan 16, 2024
Published online: Apr 16, 2024
Published in print: Jul 1, 2024
Discussion open until: Sep 16, 2024
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