In transportation economy, for estimating the benefits of travel time reduction, calculation of value of time (VOT)is required. VOT can be defined as the substitution of the marginal rate of travel time for money in driver utility function. In traditional value of time models, the main focus was on user wage rate and other parameters related to time and people travel attitudes and their trip chain characteristics were neglected. In the present proposed model, an analytical approach was applied, which unlike traditional models, does not consider the constant marginal utility assumption of parameters. In this model, a maximization approach of user utility was applied and considering time and cost constraints, a programming model was solved. Using Lagrangian multipliers, the first order condition was defined and utility function was formulated. Simone and Blume theory was applied for expanding Taylor series around their mean point. Finally by derivation due to travel time and cost of trip plan, the value of time was defined. For data gathering, the stated preference method was applied. Multiple scenarios based on previous pilot surveys were chosen and 4 types of questionnaires were used for data collection. For calibrating value of time model, a binary logit model was estimated showing the reaction of users travel choice, versus different pricing scenarios. Finally, the value of time was estimated as 43760 rials (in the year 1390) and the sensitivity analysis showed that when this cost is assigned as the entrance toll for even-odd restricted area, about 40 percent of users would choose their private cars.
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