Economics of Urban Highway Congestion and Pricing by John F. McDonald, Edmond L. d’Ouville, Louie Nan Liu (auth.)

By John F. McDonald, Edmond L. d’Ouville, Louie Nan Liu (auth.)

Economics of city street Congestion and Pricing bargains the main huge exam up to now of the connection among congestion tolls and road capability in the end. This learn breaks new flooring within the fiscal concept of optimum highway capability by way of together with theoretical contributions, empirical experiences, and simulation experiments that every one pertain to the final subject mirrored within the identify. The booklet is equipped into 4 sections: 1) road site visitors move; 2) commuter selection of tollways as opposed to freeways; three) congestion pricing within the brief run; and four) street potential and pricing in the end.
particularly, the 1st part on road site visitors circulation examines the executive versions and empirical reviews of vehicular move on city highways. the second one component to the publication is a theoretical and empirical exam of the alternative that commuters make among city tollways and freeways. The 3rd part is dedicated to congestion pricing within the brief run, the period of time during which the city road amenities are taken as given. This part is an important a part of the ebook from the viewpoint of public coverage. The fourth and final portion of the e-book considers street potential and pricing in the end, with the concluding bankruptcy amassing the authors' major leads to one position and making concepts either for present coverage and for destiny research.

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Extra resources for Economics of Urban Highway Congestion and Pricing

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INTRODUCTION The purpose of this chapter is to formulate and estimate an improved model of urban highway traffic volume using standard econometric techniques. Transportation economists (and other transportation researchers) have used two models of traffic that are considered to be alternative approaches to the study of urban highways; the continuous (steady-state) flow model and the bottleneck model. These two models are discussed briefly below. The point of this chapter is to show that the continuous flow and the bottleneck models can be combined into one econometric model of traffic volume on the Eisenhower Expressway in Chicago.

In particular, from the results in columns 2 and 3, it is clear that the only additional variable that makes a significant contribution is (C2trC2fj). The other variable which incorporates the hypothesis that the average value of time is a function of income is not at all significant. 96 per hour (in 1972 dollars), and the econometric results for the sample also show that this value does not vary with household income. How does this value of time compare to the wage rate? 98 per hour in the two suburban counties adjacent to the area of the study.

Also, while it is possible that there is disutility in work at the margin, it should be realized that UH < 0 means that the individual prefers to have his or her total time budget (the life span) reduced to working the marginal hour at no pay. Obviously the individual would rather have leisure than work at no pay, but it is doubtful that the individual would opt to have his or her life shortened. Thus, if we assume that all uses of time contribute to utility in the relevant range, we are left with the notion that UclUx > 0 is the best explanation for the observed empirical results.

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