A mean-variance model was developed for determining the optimal toll and capacity in a build-operate-transfer (BOT) roadway project subject to traffic demand uncertainty. This mean-variance model involves two objectives: maximizing mean profit and minimizing the variance (or standard deviation) of profit. The variance associated with profit is considered as a risk. Because maximizing expected profit and minimizing risk are often conflicting, there may not be a single best solution that can simultaneously optimize both objectives. Hence, it is necessary to explicitly consider this as a multiobjective problem so that a set of nondominated solutions can be generated. In this study, the optimal toll and capacity selection for the BOT problem under demand uncertainty is formulated as a special case of the stochastic network design problem. A simulation-based multiobjective genetic algorithm was developed to solve this stochastic bilevel mathematical programming formulation. Numerical results are also presented as a case study.


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    Title :

    Mean-Variance Model for the Build-Operate-Transfer Scheme Under Demand Uncertainty


    Additional title:

    Transportation Research Record: Journal of the Transportation Research Board


    Contributors:


    Publication date :

    2003-01-01




    Type of media :

    Article (Journal)


    Type of material :

    Electronic Resource


    Language :

    English