This study investigates the efficiency and effectiveness of an area-based tradable credit scheme (TCS) using the trip-based Macroscopic Fundamental Diagram model for the morning commute problem. In the proposed TCS, the regulator distributes initial credits to all travelers and designs a time-varying and trip length specific credit tariff. Credits are traded between travelers and the regulator via a credit market, and the credit price is determined by the demand and supply of credits. The heterogeneity of travelers is considered in terms of desired arrival time, trip length and departure-time choice preferences. The TCS is incorporated into a day-to-day modelling framework to examine the travelers learning process, the evolution of network, and the properties of the credit market. The existence of an equilibrium solution and the uniqueness of the credit price at the equilibrium state are established analytically. Furthermore, an open-source simulation framework is developed to validate the analytical properties of the proposed TCS and compare it with alternative control strategies in terms of mobility, network performance, and social welfare. Bayesian optimization is then adopted to optimize the credit toll scheme. The numerical results demonstrate that the proposed TCS outperforms the no-control case and matches the performance of the time-of-day pricing strategy, while maintaining revenue-neutral nature.
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