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Equilibrium at a bottleneck when long-run and short-run scheduling preferences diverge

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  • Peer, Stefanie
  • Verhoef, Erik T.

Abstract

We consider the use of a Vickrey road bottleneck in the context of repetitive scheduling choices, distinguishing between long-run and short-run scheduling preferences. The preference structure reflects that there is a distinction between the (exogenous) ‘long-run preferred arrival time’, which would be relevant if consumers were unconstrained in the scheduling of their activities, and the ‘short-run preferred arrival time’, which is the result of an adaptation of travel routines in the face of constraints caused by, in particular, time-varying congestion levels. We characterize the unpriced equilibrium, the social optimum as well as second-best situations where the availability of the pricing instruments is restricted. All of them entail a dispersed distribution of short-run preferred arrival times. We obtain the intriguing results that the dispersion is lower in the social optimum than in the unpriced equilibrium, and that the application of first-best short-run tolls does not induce efficient long-run choices of travel routines.

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Bibliographic Info

Article provided by Elsevier in its journal Transportation Research Part B: Methodological.

Volume (Year): 57 (2013)
Issue (Month): C ()
Pages: 12-27

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Handle: RePEc:eee:transb:v:57:y:2013:i:c:p:12-27

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Keywords: Bottleneck model; Scheduling choices; Travel routine choices; Departure time choices; Travel information; Long-run vs. short-run choices;

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References

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  1. Richard Arnott & Andre de Palma & Robin Lindsey, 1996. "Information and Time-of-Usage Decisions in the Bottleneck Model with Stochastic Capacity and Demand," Boston College Working Papers in Economics 355., Boston College Department of Economics.
  2. Vickrey, William S, 1969. "Congestion Theory and Transport Investment," American Economic Review, American Economic Association, vol. 59(2), pages 251-60, May.
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  7. Arnott, Richard & de Palma, Andre & Lindsey, Robin, 1996. "Information and Usage of Free-Access Congestible Facilities with Stochastic Capacity and Demand," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(1), pages 181-203, February.
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  12. Yin-yen Tseng & Erik Verhoef, 2007. "Value of Time by Time of Day: A Stated-Preference Study," Tinbergen Institute Discussion Papers 07-061/3, Tinbergen Institute, revised 08 Nov 2007.
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  14. Carlton, Dennis W & Loury, Glenn C, 1986. "The Limitation of Pigouvian Taxes as a Long-run Remedy for Externalities: An Extension of Results," The Quarterly Journal of Economics, MIT Press, vol. 101(3), pages 631-34, August.
  15. Spulber, Daniel F., 1985. "Effluent regulation and long-run optimality," Journal of Environmental Economics and Management, Elsevier, vol. 12(2), pages 103-116, June.
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