Abstract
In this paper, we propose an evaluation function with two parameters, of mean travel time and its variance, by applying the mean-variance approach of modern portfolio theory to the road network analysis under the assumption that link travel times follow the normal distribution. Furthermore, we also propose a method for determining the optimal route using this evaluation function. In our case study, the optimal route is identified by setting an OD-pair in an existing road network. The result indicates that it is possible to find the optimal route which satisfies the needs of road users by controlling the parameter used in the model.
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