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Pay for Intersection Priority: A Free Market Mechanism for Connected Vehicles
The rapid development and deployment of vehicle technologies offer
opportunities to re-think the way traffic is managed. This paper capitalizes on
vehicle connectivity and proposes an economic instrument and corresponding
cooperative framework for allocating priority at intersections. The framework
is compatible with a variety of existing intersection control approaches.
Similar to free markets, our framework allows vehicles to trade their time
based on their (disclosed) value of time. We design the framework based on
transferable utility games, where winners (time buyers) pay losers (time
sellers) in each game. We conduct simulation experiments of both isolated
intersections and an arterial setting. The results show that the proposed
approach benefits the majority of users when compared to other mechanisms both
ones that employ an economic instrument and ones that do not. We also show that
it drives travelers to estimate their value of time correctly, and it naturally
dissuades travelers from attempting to cheat