A modeling framework and a solution methodology are presented for the toll problem of dynamic revenue maximization. The problem requires determining the optimal time-varying toll prices for a multigantry toll road facility so that total revenue is maximized subject to agency-mandated constraints on average speed and average traffic volume. The framework extends a real-time traffic network state estimation and prediction system to provide dynamic pricing capabilities. The presented framework overcomes limitations of most existing approaches by considering two factors: consistency between the toll value and drivers’ willingness-to-pay behavior and drivers’ route choice dynamics in regard to competition between the toll facility and alternative routes. The paper presents the results of a set of simulation-based experiments that were conducted to examine the robustness of the proposed prices under several operational scenarios.
Dynamic Road Pricing for Revenue Maximization
Modeling Framework and Solution Methodology
Transportation Research Record
Transportation Research Record: Journal of the Transportation Research Board ; 2345 , 1 ; 100-108
2013-01-01
Article (Journal)
Electronic Resource
English
Dynamic Road Pricing for Revenue Maximization: Modeling Framework and Solution Methodology
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