Abstract
This paper develops a method for optimizing the construction phases for rail transit line extension projects with the objective of maximizing the net present worth and examines the economic feasibility of such extension projects under various financial constraints (i.e., unconstrained, revenue-constrained, and budget-constrained cases). A Simulated Annealing algorithm is used for solving this problem. Rail transit projects may be divided into several phases due to budget limits or demand growth that justifies different sections at different times. A mathematical model is developed to optimize these phases for a simple, one-route rail transit system, running from a Central Business District (CBD) to a suburban area. Some interesting results indicate that the economic feasibility of links with low demand is affected by the completion time of those links and their demand growth rate after their implementation. Sensitivity analysis explores the effects of interest rates on optimized results (i.e., construction phases and objective value). With further development, such a method should be useful to transportation planners and decision-makers in optimizing construction phases for rail transit line extension projects.
Highlights
Projects for new or extended rail transit lines may be subdivided into phases based on demand growth considerations and budget limits over time
This paper develops a method for optimizing the construction phases for rail transit line extension projects with the objective of maximizing the net present worth and examines the economic feasibility of such extension projects under various financial constraints
A mathematical model is developed to optimize these phases for a simple, one-route rail transit system, running from a Central Business District (CBD) to a suburban area
Summary
Projects for new or extended rail transit lines may be subdivided into phases based on demand growth considerations and budget limits over time. Wang and Schonfeld [23] develop a simulation model to evaluate waterway system performance and optimize the improvement project decisions with demand model incorporated They argue that minimizing total costs rather than maximizing the NPW over the entire analysis period is not valid in a system where demand is elastically affected by the system improvements being optimized. The modeling approach used in our present study is partly based on a model of Chien and Schonfeld [1], except for the decision variables They developed a model that jointly optimized the characteristics of a rail transit route and its associated feeder bus routes in order to minimize total costs. The model formulation and design of the SA algorithm are presented below
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