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In this study, value of VMS (Variable Message Sign) traffic information is estimated by using CVM (Contingent Valuation Method), which is developed to quantify the value of non-marketable goods in environmental economics. CVM is used to estimate the value of goods provided by a project under consideration and then the project feasibility can be indirectly examined on the basis of the estimated value. This study focuses on estimating to estimate value of traffic information provided through VMS, a part of the transportation system enhancement project by Korea Expressway Corporation which is aimed at mitigating traffic problems on expressways. In particular, this study analyzes value of information separately by trip purpose, information type, and traffic flow condition. A state preference survey was designed to estimate the value of non-marketable traffic information. To maximize reliability of the survey results, a pilot survey was taken before the main survey. The open-ended question method was adopted in capturing users' willingness-to-pay. Both Tobit and binary Probit models were applied in estimating the value of VMS traffic information and their parameters were estimated using the maximum likelihood estimation. The estimation results suggests that the value of traffic information perceived by users is 518.28 KRW.

Personal Rapid Transit(PRT) has emerged as a promising transportation mode for transit-oriented sustainable communities. In this study, an alternative design of questionnaire survey is proposed in order to capture traveler's perception of an unexperienced transportation mode. This study aims at predicting the mode choice diversion behavior of potential PRT users who do not have experience of using it previously, considering their willingness-to-pay. The proposed model was applied to predict an aggregate forecast of PRT patronage for the city of Songdo where PRT is considered to be constructed. For validation of the proposed model, the price elasticity of PRT demand was analyzed, compared with existing models. The analysis results suggest that the proposed design of questionnaire survey is able to capture respondents' attitude and perception to unexperienced transportation mode in an effective manner. Also, they show that the proposed diversion rate model is more realistic than existing models in explaining the effects of users' willingness-to-pay for predicting PRT patronage.