Purpose – This paper aims to present a financial valuation framework based on the real options theory to evaluate investments in toll road projects delivered under the two‐phase development plan. Design/methodology/approach – The approach is based on applying the real options theory to...

Purpose Completing Right-of-Way (ROW) acquisition process on schedule is critical to avoid delays and cost overruns on transportation projects. However, transportation agencies face challenges in accurately forecasting ROW acquisition timelines in the early stage of projects due to complex...

In this paper, we propose a new cellular automaton model based on the well known three-phase traffic theory. The model takes into account the mechanism of a driver’s oscillation behavior obtained from engineering experiments in real traffic conditions. This mechanism shows the inner...