Platooning connected and autonomous vehicles (CAVs) can improve traffic and
fuel efficiency. However, scalable platooning operations require junction-level
coordination, which has not been well studied. In this paper, we study the
coordination of vehicle platooning at highway junctions. We consider a setting
where CAVs randomly arrive at a highway junction according to a general renewal
process. When a CAV approaches the junction, a system operator determines
whether the CAV will merge into the platoon ahead according to the positions
and speeds of the CAV and the platoon. We formulate a Markov decision process
to minimize the discounted cumulative travel cost, i.e. fuel consumption plus
travel delay, over an infinite time horizon. We show that the optimal policy is
threshold-based: the CAV will merge with the platoon if and only if the
difference between the CAV's and the platoon's predicted times of arrival at
the junction is less than a constant threshold. We also propose two
ready-to-implement algorithms to derive the optimal policy. Comparison with the
classical value iteration algorithm implies that our approach explicitly
incorporating the characteristics of the optimal policy is significantly more
efficient in terms of computation. Importantly, we show that the optimal policy
under Poisson arrivals can be obtained by solving a system of integral
equations. We also validate our results in simulation with Real-time Strategy
(RTS) using real traffic data. The simulation results indicate that the
proposed method yields better performance compared with the conventional
method