Highway Investment Planning Model for Equity Issues

Feng, Chao; Wu, Jennifer Yuh-Jen

doi:10.1061/(asce)0733-9488(2003)129:3(161)

Cited by 20 publications

(11 citation statements)

References 26 publications

(6 reference statements)

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“…2) Mathematically, the upper-level program is an integer nonlinear programming problem and the lowerlevel one is a convex continuous optimization problem. The bi-level program, represented by Formulas (8)- (14), is a nonlinear, non-convex and intractable problem. Due to the intrinsic complexity of the bi-level model, previous solution algorithms have limitation in finding out globally optimal solutions.…”

Section: = ( ) • (mentioning

confidence: 99%

“…Typically, Chen and Yang [13] took spatial equity as a constraint in decision process of the link capacity improvement in NDP. Feng and Wu [14] applied both horizontal and vertical equities to a network design problem. Bruno Santos et al [15] proposed an accessibility-maximization road network design model, considering three measures of equities in terms of accessibility of centres, accessibility to low-accessibility centres and average accessibility of subregions.…”

Section: Introductionmentioning

confidence: 99%

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Bi-Level Program of Transportation Network Design Problem Accounting for Equity and Exact Solution Methodology

Zhang¹,

Rey²,

Waller³

2015

JTLE

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In the field of transportation planning, Network Design Problem (NDP) is a complex and challenging research area which aims to optimize a transportation network in order to maximize traffic and social benefits through capacity expansion and link addition. Recently, 'equity' has become highly valued in the decision process of NDP. The objective of this study is to propose novel approaches to integrate equity considerations into the NDP from the perspective of link travel time. First, equity is analysed and described mathematically in terms of travel time spent in traversing every unit-length on a link. The significance of accounting for the equity in the NDP is demonstrated through Braess Network. Then we formulate a bi-level program for NDP, where the upper level aims at optimizing system performance with respect to travel cost and equity, and the lower level is the traffic assignment problem under the user equilibrium condition. An exact solution methodology is developed based on programming techniques including interior point method, and branch and bound algorithm, which can be implemented in the generalpurpose optimization software AMPL. The method can seek for the globally optimal solutions to the proposed bi-level equitable NDP model. Finally, the systematic evaluation of the developed model formulation and solution methodology is conducted on the Nguyen-Dupuis Network. The results highlight the importance of incorporating equity into transportation planning and demonstrate that the proposed approaches can generate desirable NDP decisions with respect to improving overall system performance.

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confidence: 99%

Section: Introductionmentioning

confidence: 99%

Bi-Level Program of Transportation Network Design Problem Accounting for Equity and Exact Solution Methodology

Zhang¹,

Rey²,

Waller³

2015

JTLE

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“…More recently, Friesz et al (1993) and Tzeng and Tsaur (1997) contemplated user costs and construction costs as simultaneous minimization objectives (the former also took into account the minimization of travel distance and the minimization of property expropriation). Ukkusuri et al (2007) consider a robustness objective in addition to an efficiency objective (travel time minimization), Feng and Wu (2003) considered horizontal and vertical equity objectives, and Cantarella and Vitetta (2006) considered environmental objectives (minimization of CO emissions). Despite being extremely appealing from a theoretical standpoint, none of the RND models referred to above explicitly address a very important issue of real-world road network planning: the multi-level, discrete nature of capacity expansion.…”

Section: Literature Overviewmentioning

confidence: 99%

Multiobjective Approach to Long-Term Interurban Multilevel Road Network Planning

2009

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This article presents a multi-objective approach to long-term interurban multi-level road network planning. In addition to the efficiency objectives dealt with in the vast majority of the literature where the subject is addressed, the approach takes into account robustness and equity objectives. For achieving the objectives, two types of action can be performed: the construction of a new road of a given level; and the upgrading of an existing road to a higher level. The approach is consistent with the planning framework of the Highway Capacity Manual, using the concept of level of service to assess traffic flow conditions. The application of the approach is illustrated for a case study involving the main road network of Poland.

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“…At present, the real options theory has been applied to the field of fundamental facility projects. Feng and Wu (2003) suggested an efficient way to solve the expressway project decision-making by correcting previous decisions on expressway investment decision-making [24]. The real options evaluation method is to analyze the future uncertainty of investment projects, supposing the investment projects' uncertainty may bring new investment opportunities, extra income, and much greater investment value to the investors.…”

Section: Introductionmentioning

confidence: 99%

A Concession Period and Price Determination Model for PPP Projects: Based on Real Options and Risk Allocation

Guo

Wang

2018

Sustainability

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Concession period of PPP (Public-Private Partnership) projects is the most essential feature in determining the time span of various rights, obligations and responsibilities between the government and concessionaire. Most traditional methods are based on the analysis of the future cash flow to determine the concession period, but either ignored the potential values or the risks that might emerge during the project life span, thus failing to find the proper concession period for the project. This paper builds a new model taking both recognized real option value and risk into concession period decision-making, and considering the distribution coefficient of option value, which uses game theory integrated with risk sharing, which increases the flexibility of the negotiation. Real option theory is introduced based on traditional NPV (Net Present Value); its potential value and strategic importance are further exploited. A case shows that the project concession period and the price of the sewage disposal are different when considering option value and risk sharing simultaneously and respectively, which give the two side's references during negotiation. Allocating the option value and the risk properly between the government and concessionaire can also avoid dispute and promote cooperation.

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Highway Investment Planning Model for Equity Issues

Cited by 20 publications

References 26 publications

Bi-Level Program of Transportation Network Design Problem Accounting for Equity and Exact Solution Methodology

Bi-Level Program of Transportation Network Design Problem Accounting for Equity and Exact Solution Methodology

Multiobjective Approach to Long-Term Interurban Multilevel Road Network Planning

A Concession Period and Price Determination Model for PPP Projects: Based on Real Options and Risk Allocation

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