Prof. Hai Yang is currently a Chair Professor at The Hong Kong University of Science and Technology. He is internationally known as an active scholar in the field of transportation, with more than 300 papers published in SCI/SSCI indexed journals and a SCI H-index citation rate of 69. Most of his publications appeared in leading international journals, such as Transportation Research, Transportation Science and Operations Research. Prof. Yang received a number of national and international awards, including 2020 Frank M. Masters Transportation Engineering Award and 2021 Francis C. Turner Award of American Society of Civil Engineers; National Natural Science Award bestowed by the State Council of the PRC (2011). He was appointed as Chang Jiang Chair Professor of the Ministry of Education of the PRC and served as the Editor-in-Chief of Transportation Research (TR) Part B: Methodological from 2013 to 2018, a prestigious journal in the field of transportation. Currently, Professor Yang serves on the Distinguished Editorial Board of TR Part B, Scientific Council of TR Part C: Emerging Technologies, and serves as an Advisory Editor of Transportation Science.
To promote green mobility and alleviate congestion and emissions, this study proposes a credit charge-cum-reward (CCR) scheme where the government determines mode-specific credit charging and rewarding rates and redemption and charging prices to achieve regulation objectives. Over a CCR scheme period, travelers choose either driving by consuming credits or taking transit to cumulate credits to minimize individual travel costs. At the end, the individual credit balance will be settled by the government at a charging (redemption) price for credit deficits (surplus). From the perspective of travelers, we consider their heterogeneity in value of time and characterize their periodic mode usage equilibrium by formulating a decision optimization problem. From the perspective of the government, we derive the condition about the differentiated charging and redemption prices for a Pareto-improving and revenue-neutral CCR scheme. We also investigate how the government can leverage differentiated redemption and charging prices and its credit-related budget to achieve certain objectives. We have proved theoretically and numerically that the proposed CCR scheme flexibly facilitate multi-modal travel demand management by regulating travelers’ periodic mode usage behavior via charging and rewarding rates and differentiated charging and redemption prices.