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Road Pricing with Complication

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  • Mogens Fosgerau
  • Kurt van Dender

Abstract

Standard textbook analyses of road pricing tend to assume that users are homogenous, that there is no travel time risk, and to have a view of congestion as static. The simple analysis also ignores that real pricing schemes are only rough approximations to ideal systems and that the general economic context may also have implications for optimal pricing. This paper reviews these issues and discusses how taking them into account may affect estimates of optimal tolls.

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Bibliographic Info

Paper provided by OECD Publishing in its series OECD/ITF Joint Transport Research Centre Discussion Papers with number 2010/2.

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Date of creation: Jan 2010
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Handle: RePEc:oec:itfaaa:2010/2-en

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References

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  1. Small, Kenneth & Yan, Jia, 2000. "The Value of "Value Pricing" of Roads: Second-Best Pricing and Product Differentiation," Discussion Papers dp-00-08, Resources For the Future.
  2. Fosgerau, Mogens & Engelson, Leonid, 2010. "The value of travel time variance," MPRA Paper 42272, University Library of Munich, Germany.
  3. Richard Arnott & Marvin Kraus, 1994. "When Are Anonymous Congestion Charges Consistent with Marginal Cost Pricing?," NBER Technical Working Papers 0154, National Bureau of Economic Research, Inc.
  4. Kenneth A. Small & Kurt van Dender, 2007. "Long Run Trends in Transport Demand, Fuel Price Elasticities and Implications of the Oil Outlook for Transport Policy," OECD/ITF Joint Transport Research Centre Discussion Papers 2007/16, OECD Publishing.
  5. Fosgerau, Mogens, 2006. "Investigating the distribution of the value of travel time savings," Transportation Research Part B: Methodological, Elsevier, vol. 40(8), pages 688-707, September.
  6. Claus Thustrup Kreiner & Nicolaj Verdelin, 2009. "Optimal Provision of Public Goods: A Synthesis," CESifo Working Paper Series 2538, CESifo Group Munich.
  7. Arnott, Richard & de Palma, Andre & Lindsey, Robin, 1999. "Information and time-of-usage decisions in the bottleneck model with stochastic capacity and demand," European Economic Review, Elsevier, vol. 43(3), pages 525-548, March.
  8. Parry, Ian & Small, Kenneth, 2002. "Does Britain or the United States Have the Right Gasoline Tax?," Discussion Papers dp-02-12-, Resources For the Future.
  9. Calthrop, Edward & De Borger, Bruno & Proost, Stef, 2010. "Cost-benefit analysis of transport investments in distorted economies," Transportation Research Part B: Methodological, Elsevier, vol. 44(7), pages 850-869, August.
  10. Fosgerau, Mogens & Karlström, Anders, 2010. "The value of reliability," Transportation Research Part B: Methodological, Elsevier, vol. 44(1), pages 38-49, January.
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  12. Fosgerau, Mogens, 2010. "On the relation between the mean and variance of delay in dynamic queues with random capacity and demand," Journal of Economic Dynamics and Control, Elsevier, vol. 34(4), pages 598-603, April.
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  17. Small, Kenneth A, 1982. "The Scheduling of Consumer Activities: Work Trips," American Economic Review, American Economic Association, vol. 72(3), pages 467-79, June.
  18. De Borger, Bruno & Fosgerau, Mogens, 2008. "The trade-off between money and travel time: A test of the theory of reference-dependent preferences," Journal of Urban Economics, Elsevier, vol. 64(1), pages 101-115, July.
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  20. Knud Jørgen Munk, 2006. "Rules of Normalisation and their Importance for Interpretation of Systems of Optimal Taxation," Economics Working Papers 2006-13, School of Economics and Management, University of Aarhus.
  21. Fosgerau, Mogens & Pilegaard, Ninette, 2007. "Cost-benefit rules for transport projects when labor supply is endogenous and taxes are distortionary," MPRA Paper 3902, University Library of Munich, Germany.
  22. Safirova, Elena & Gillingham, Kenneth & Parry, Ian & Nelson, Peter & Harrington, Winston & Mason, David, 2004. "8. Welfare And Distributional Effects Of Road Pricing Schemes For Metropolitan Washington Dc," Research in Transportation Economics, Elsevier, vol. 9(1), pages 179-206, January.
  23. Raux, Charles, 2005. "Comments on 'The London congestion charge: a tentative economic appraisal' ()," Transport Policy, Elsevier, vol. 12(4), pages 368-371, July.
  24. Arnott, Richard & de Palma, Andre & Lindsey, Robin, 1993. "A Structural Model of Peak-Period Congestion: A Traffic Bottleneck with Elastic Demand," American Economic Review, American Economic Association, vol. 83(1), pages 161-79, March.
  25. Sumalee, Agachai & May, Tony & Shepherd, Simon, 2005. "Comparison of judgmental and optimal road pricing cordons," Transport Policy, Elsevier, vol. 12(5), pages 384-390, September.
  26. Verhoef, Erik T., 2002. "Second-best congestion pricing in general networks. Heuristic algorithms for finding second-best optimal toll levels and toll points," Transportation Research Part B: Methodological, Elsevier, vol. 36(8), pages 707-729, September.
  27. Ninette Pilegaard & Mogens Fosgerau, 2008. "Cost Benefit Analysis of a Transport Improvement in the Case of Search Unemployment," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 42(1), pages 23-42, January.
  28. 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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Cited by:
  1. Jonas Westin, 2011. "Labor Market Effects of Road Pricing in a Population with Continuously Distributed Value of Time," ERSA conference papers ersa10p1458, European Regional Science Association.
  2. Kristoffersson, Ida, 2013. "Impacts of time-varying cordon pricing: Validation and application of mesoscopic model for Stockholm," Transport Policy, Elsevier, vol. 28(C), pages 51-60.
  3. Ida Kristoffersson & Leonid Engelson, 2011. "Modifications of the Stockholm congestion pricing scheme and effects on different user groups," ERSA conference papers ersa10p1455, European Regional Science Association.

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