This study aims at capturing the users’ preference, while considering investors’ limitations and societal cost and benefits of each mode. The problem is defined as a mixed-integer non-liner problem, with non- linear objective function and constraints. Because of the computationally challenging nature of the problem, a metaheuristic algorithm based on simulated annealing algorithm is proposed for its solution. The performance of the algorithm is tested in this study and convergence patterns are observed.

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