Real-Time Pricing of Managed Lanes with Refund Option
Yingyan Lou, Assistant Professor
School of Sustainable Engineering & the Built Environment, Arizona State University
Friday, November 8, 2013
Brickyard (BYENG) M1-09 [map]
To improve travelers’ experiences with managed lanes (ML), this study explores an innovative solution by introducing a refund option. Part of the toll paid by a traveler will be refunded if the travel time saving does not reach a certain minimal amount guaranteed. The goal of this pricing scheme is to achieve the operational objectives of MLs, including desired facility level of service and revenue return that can cover refund claims, and at the same time make MLs more appealing to travelers.
Yingyan Lou is an assistant professor in the Civil, Environmental and Sustainable Engineering program. She holds a B.S. and a B.A.Econ degree from Beijing University, and received her M.S. and Ph.D. degrees in Civil and Coastal Engineering from the University of Florida. Before coming to ASU, she worked at the Department of Civil, Construction and Environmental Engineering at the University of Alabama. Lou’s primary area of expertise is transportation systems modeling and optimization, and its applications in enhancing decision making towards a more efficient, reliable, and sustainable transportation system. Her research has led to 16 journal publications, one book chapter, and 13 peer-reviewed conference articles. In 2010, she received the Pikarsky Award for Outstanding Ph.D. Dissertations in Science and Technology from the Council of University Transportation Centers. Lou currently serves as a member in three Transportation Research Board committees (Transportation Network Modeling, User Information Systems and Highway Safety Performance) and is the vice chair of the Intelligent Transportation Systems Interest Group of INFORMS.