This research examines road pricing on a network of autonomous highway links. By autonomous it is meant that the links are competitive and independent, with the objective of maximizing their own profits without regard for either social welfare or the profits of other links. The principal goal of the research is to understand the implications of adoption of road pricing and privatization on social welfare and the distribution of gains and losses. The specific pricing strategies of autonomous links are evaluated first under the condition of competition for simple networks. An agent-based modeling system is developed which integrates an equilibrated travel demand, route choice, and travel time model with a repeated game of autonomous links setting prices to maximize profit. The levels of profit, welfare consequences, and potential cooperative arrangements undertaken by autonomous links will be evaluated. By studying how such an economic system may behave under various circumstances, the effectiveness of road pricing and road privatization as public policy can be assessed.
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Paper provided by University of Minnesota: Nexus Research Group in its series Working Papers with number
200506.
Length: Date of creation: 2005 Date of revision: Publication status: Published in Journal of the Transportation Research Board #1932 pp. 147-155. Handle: RePEc:nex:wpaper:autonomouspricing
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Find related papers by JEL classification: R40 - Urban, Rural, and Regional Economics - - Transportation Systems - - - General R42 - Urban, Rural, and Regional Economics - - Transportation Systems - - - Government and Private Investment Analysis R48 - Urban, Rural, and Regional Economics - - Transportation Systems - - - Government Pricing; Regulatory Policies D10 - Microeconomics - - Household Behavior - - - General D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information D85 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Network Formation O33 - Economic Development, Technological Change, and Growth - - Technological Change - - - Technological Change: Choices and Consequences; Diffusion Processes C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Nicholas Economides, 1995.
"The Economics of Networks,"
Working Papers
94-24, New York University, Leonard N. Stern School of Business, Department of Economics, revised Sep 1995.
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