Do transportation agencies value time more than travelers do?

Tolled traffic lanes on otherwise unpriced facilities offer a unique opportunity to understand how much people are willing to pay for a faster commute and to truth test the assumptions used by transportation agencies to judge the benefits and costs of potential projects. One of these projects, the high-occupancy toll (HOT) lanes on Washington’s SR 167, demonstrates the difficulty of accurately predicting how travelers will value reductions in travel time.