Economics of Urban Highway Congestion and Pricing
Economics of Urban Highway Congestion and Pricing offers the most extensive examination to date of the relationship between congestion tolls and highway capacity in the long run. This study breaks new ground in the economic theory of optimal road capacity
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Transportation Research, Economics and Policy VOLUME 9
Editorial Board Yossi Berechman Department of Economics & Public Policy, Tel Aviv University, Israel Kenneth Small Department of Economics, University of California at Irvine, U.S.A.
The titles published in this series are listed at the end of this volume.
ECONOMICS OF URBAN HIGHWAY CONGESTION AND PRICING
by
John F. McDonald University
of Illinois at Chicago
Edmond L. d'Ouville Indiana University
Northwest
and Louie Nan Liu Louis Berger and Associates
SPRINGER SCIENCE+BUSINESS MEDIA, L L C
Electronic Services
Library of Congress Cataloging-in-Publication Data © 1999 Springer Science+Business Media New York Originally published by Kluwer Academic Publishers in 1999 Softcover reprint of the hardcover 1st edition 1999
McDonald, John F., 1943Economics of urban highway congestion and pricing / by John F. McDonald, Edmond L . d'Ouville, and Louie Nan Liu. p. cm. - (Transportation research, economics and policy ; v. 9) "Much of the research reported in the book was done originally as the doctoral dissertations of Edmond d'Ouville and Louie Nan Liu that were completed at the University of Illinois at Chicago ~Pref. Includes bibliographical references and indexes. M
ISBN 978-1-4613-7384-1 ISBN 978-1-4615-5231-4 (eBook) DOI 10.1007/978-1-4615-5231-4
1. Congestion pricing. 2. Roads-Finance. 3. Transportation. 4. Transportation and state. I. d'Ouville, Edmond L. II. Liu, Louie Nan. III. Title. IV. Series. HE336.C66M38 1999 388.ri«dc21 99-44505 CIP
CONTENTS LIST OF FIGURES
vii
LIST OF TABLES
viii
PREFACE
ix
ACKNOWLEDGMENTS
x
INTRODUCTION
1
PART I
7
HIGHWAY TRAFFIC FLOW
1.
AN ENGINEERING MODEL OF TRAFFIC FLOW
2
HIGHWAY TRAFFIC FLOW AND THE 'UNECONOMIC' REGION OF PRODUCTION 15 AN EMPIRICAL MODEL OF HIGHWAY 23 TRAFFIC FLOW
3
PARTn
4. 5.
THEORY OF ROUTE CHOICE AND THE VALUE OF TIME AN EMPIRICAL STUDY OF THE CHOICE OF TOLLWAY OR FREEWAY
PART ill 6. 7. 8.
COMMUTER CHOICE OF TOLLWAYS VERSUS FREEWAYS
CONGESTION PRICING IN THE SHORT RUN
9
35 37 43
51
CONGESTION PRICING IN THE SHORT RUN: 53 THE BASIC MODEL URBAN HIGHWAY CONGESTION: AN ANALYSIS OF SECOND-BEST TOLLS 67 MATHEMATICAL FORMULATION OF A MULTIPLEPERIOD CONGESTION PRICING MODEL 85
9. 10.
A SIMULATION STUDY OF PEAK AND OFF-PEAK CONGESTION PRICING THE CALIFORNIA SR-91 EXAMPLE OF VALUE PRICING
PART IV
ROAD CAPACITY AND PRICING IN THE LONG RUN
97 115
133
11.
ROAD CAPACITY WITH EFFICIENT TOLLS
12.
THE COMPARISON OF OPTIMAL ROAD CAPACITIES: NO TOLL VERSUS THE OPTIMAL TOLL 141 THE LONG-RUN TWO-ROAD MODEL OF TRAFFIC CONGESTION 159 OPTIMAL ROAD CAPACITY WITH HYPERCONGESTION IN THE ABSENCE OF TOLLS 171 A MODEL OF DEMAND FOR TRAFFIC DENSITY 181
13. 14. 15.
APPENDIX: A LONG-RUN, TWO-ROAD MODEL 16. 17.
DEMAND UNCERTAINTY, OPTIMAL CAPACITY, AND CONGESTION TOLLS OPTIMAL CAPACITY FOR A BOTTLENECK AND SUB-OPTIMAL CONGESTION TOLLS
135
191 205 219
SUMMARY AND CONCLUSIONS
233
AUTHOR INDEX
237
SUBJECT INDEX
239
vi
LIST OF FIGURES
FIGURE 2-1: THE FUNDAMENTAL DIAGRAM OF TRAFF
