Because travel time reliability and travel time itself are significant to many transportation system users, transportation planners and decision makers should consider travel time reliability as a key performance measure. Values of travel time reliability have most often been determined by estimating route choice models and evaluating the marginal rates of substitution between the costs and travel time variations. However, the most common formulation imposes strong restrictions on taste variations. In this study a route choice model accommodated the observed and unobserved heterogeneity with the mixed logit framework. Stated preference data were assembled to model drivers’ route choice between a tolled highway and an untolled national road in South Korea. The values of travel time and the values of travel time reliability were estimated with this model by the purpose of the trip and the household income level. These results highlight the need to accommodate observed and unobserved heterogeneity within the context of evaluation of the values of travel time and values of travel time reliability. The results also provide policy makers with information about the impacts of policies on different segments of the population such as the pricing of high-occupancy-toll lanes and express lanes.
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