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Recent empirical studies on the value of time and reliability reveal that travel time variability plays an important role on travelers' route choice decision process. It can be considered as a risk to travelers making a trip. Therefore, travelers are not only interested in saving their travel time but also in reducing their risk. Typically, risk can be represented by two different aspects: acceptable risk and unacceptable risk. Acceptable risk refers to the reliability aspect of acceptable travel time, which is defined as the average travel time plus the acceptable additional time (or buffer time) needed to ensure more frequent on‐time arrivals, while unacceptable risk refers to the unreliability aspect of unacceptable late arrivals (though infrequent) that have a travel time excessively higher than the acceptable travel time. Most research in the network equilibrium based approach to modeling travel time variability ignores the unreliability …