Inside the queue:: hypercongestion and road pricing in a continuous time-continuous place model of traffic congestion
AbstractThis paper develops a continuous time - continuous place model of road traffic congestion, based on car-following theory. The model fully integrates two archetype representations of traffic congestion technology, namely "flow congestion", originating in the works of Pigou, and "vertical queuing" models, pioneered by Vickrey. Because a closed-form analytical solution of the formal model does not exist, its behaviour is explored in a numerical exercise. In a setting with endogenous departure time choice and with a bottleneck halfway the route, it is shown that "hypercongestion" can arise as a dynamic - transitional and local - equilibrium phenomenon. Also dynamic toll schedules are explored. It is found that a toll rule based on an intuitive dynamic and space-varying generalization of the standard Pigouvian tax rule can hardly be improved upon. A naÃ¯ve application of a toll schedule based on VickreyÂ´s bottleneck model, in contrast, performs much worse and actually even reduces welfare.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Urban Economics.
Volume (Year): 54 (2003)
Issue (Month): 3 (November)
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Web page: http://www.elsevier.com/locate/inca/622905
Other versions of this item:
- Verhoef, Erik Teodoor, 2002. "Inside the queue: hypercongestion and road pricing in a continuous time - continuous place model of traffic congestion," ERSA conference papers ersa02p068, European Regional Science Association.
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