Dynamic Toll Pricing Model for an Intelligent Transportation System with Individual High Occupancy Toll Lanes

High occupancy toll (HOT) lanes increase the utilization of resources by allowing voluntarily users who are willing to pay a premium to access the high occupancy vehicle (HOV) lanes. The payment method for enabling HOT lanes is based on communication between a vehicle transponder and roadside communication systems. They can operate dynamically for a fixed or variable toll rate depending on peak or rush hour conditions. In this study, we focus on a dynamic toll pricing where drivers can choose between the HOT lane or the GP lane. In general, the objective of toll pricing strategies is to minimize the total travel time cost or the total travel time. Thus, we develop the two individual dynamic toll pricing models to determine the optimal toll rate for HOT lane.