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Estimates of value of time (VOT) and value of travel time savings (VTTS) are critical elements in benefit-cost analyses of transportation projects and in developing congestion pricing policies. In addition, differences in VTTS among various modes of transportation can provide information to planners and others on the likely success of diverting trips from single-occupant vehicles to alternatives. The goal of this research is to present an improved estimation of VTTS. By using information from the first survey to collect trip-specific data on the 95 Express corridor in Miami, Florida, it was found that the estimated VTTS of those travelers is approximately 49 percent of their hourly wage based on annual household income, with a range of $2.27 to $79.32 per hour and a mean of approximately $32.00 per hour. This result is in the range of estimated values for VTTS found in the recent literature and represents actual behavior of the survey respondents rather than the more commonly found stated preferences. While the primary objective of this research is to estimate VTTS using revealed preference data from the 95 Express corridor, a significant secondary objective is to provide a synthesis of managed lane operations in the United States. The report contains information on several existing projects around the country as well as information on cities that have been named part of the federal Urban Partnership Agreement (UPA) or Congestion Reduction Demonstration (CRD) program.
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