The value of reliability
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The value of reliability. / Fosgerau, Mogens; Karlström, Anders.
I: Transportation Research Part B: Methodological, Bind 44, Nr. 1, 01.2010, s. 38-49.Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt
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TY - JOUR
T1 - The value of reliability
AU - Fosgerau, Mogens
AU - Karlström, Anders
PY - 2010/1
Y1 - 2010/1
N2 - We derive the value of reliability in the scheduling of an activity of random duration, such as travel under congested conditions. Using a simple formulation of scheduling utility, we show that the maximal expected utility is linear in the mean and standard deviation of trip duration, regardless of the form of the standardised distribution of trip durations. This insight provides a unification of the scheduling model and models that include the standard deviation of trip duration directly as an argument in the cost or utility function. The results generalise approximately to the case where the mean and standard deviation of trip duration depend on the starting time. An empirical illustration is provided.
AB - We derive the value of reliability in the scheduling of an activity of random duration, such as travel under congested conditions. Using a simple formulation of scheduling utility, we show that the maximal expected utility is linear in the mean and standard deviation of trip duration, regardless of the form of the standardised distribution of trip durations. This insight provides a unification of the scheduling model and models that include the standard deviation of trip duration directly as an argument in the cost or utility function. The results generalise approximately to the case where the mean and standard deviation of trip duration depend on the starting time. An empirical illustration is provided.
KW - Random duration
KW - Reliability
KW - Scheduling
KW - Time
KW - Variability
KW - Welfare
UR - http://www.scopus.com/inward/record.url?scp=71549139119&partnerID=8YFLogxK
U2 - 10.1016/j.trb.2009.05.002
DO - 10.1016/j.trb.2009.05.002
M3 - Journal article
AN - SCOPUS:71549139119
VL - 44
SP - 38
EP - 49
JO - Transportation Research. Part B: Methodological
JF - Transportation Research. Part B: Methodological
SN - 0191-2615
IS - 1
ER -
ID: 181872617