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Road pricing and investment

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  • Lindsey, Robin

Abstract

Traffic congestion is a bane of modern city life. Transportation economists have long supported road pricing as a tool for controlling congestion and the idea is slowly coming into practice. This paper reviews the theory of congestion pricing and the relationship between optimal congestion tolls and optimal road capacity. It is organized around four questions. Is congestion pricing according to marginal-social-cost principles consistent with covering the costs of road infrastructure? How does road pricing affect optimal road capacity? How does road pricing affect optimal public transportation fares and capacity? Do private toll road operators make socially efficient toll and capacity decisions? The paper concludes with an assessment of long-run trends in travel demand and technology that could alter the evolution of traffic congestion and priorities for road pricing and investment.

Suggested Citation

  • Lindsey, Robin, 2012. "Road pricing and investment," Economics of Transportation, Elsevier, vol. 1(1), pages 49-63.
    • Handle: RePEc:eee:ecotra:v:1:y:2012:i:1:p:49-63
    DOI: 10.1016/j.ecotra.2012.07.001
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    1. Kilani, Moez & Proost, Stef & van der Loo, Saskia, 2014. "Road pricing and public transport pricing reform in Paris: Complements or substitutes?," Economics of Transportation, Elsevier, vol. 3(2), pages 175-187.
    2. Gaigné, Carl & Riou, Stéphane & Thisse, Jacques-François, 2016. "How to make the metropolitan area work? Neither big government, nor laissez-faire," Journal of Public Economics, Elsevier, vol. 134(C), pages 100-113.
    3. Alessandro Avenali & Tiziana D’Alfonso & Pierfrancesco Reverberi, 2022. "Optimal pricing and investment for resources with alternative uses and capacity limits," Journal of Regulatory Economics, Springer, vol. 61(3), pages 222-229, June.
    4. de Rus, Ginés & Socorro, M. Pilar, 2019. "Pricing and investment in alternative transport infrastructures," Transportation Research Part A: Policy and Practice, Elsevier, vol. 119(C), pages 96-107.
    5. Lindsey, Robin & de Palma, André, 2014. "Cost recovery from congestion tolls with long-run uncertainty," Economics of Transportation, Elsevier, vol. 3(2), pages 119-132.
    6. Winston, Clifford & Yan, Jia, 2021. "Vehicle size choice and automobile externalities: A dynamic analysis," Journal of Econometrics, Elsevier, vol. 222(1), pages 196-218.
    7. David, Quentin & Kilani, Moez, 2022. "Transport policies in polycentric cities," Transportation Research Part A: Policy and Practice, Elsevier, vol. 166(C), pages 101-117.
    8. Einat Tenenboim & Nira Munichor & Yoram Shiftan, 2023. "Justifying toll payment with biased travel time estimates: Behavioral findings and route choice modeling," Transportation, Springer, vol. 50(2), pages 477-511, April.
    9. Zhi-Chun Li & Qian-Wen Guo, 2017. "Optimal time for implementing cordon toll pricing scheme in a monocentric city," Papers in Regional Science, Wiley Blackwell, vol. 96(1), pages 163-190, March.
    10. Tan, Zhijia & Yang, Hai & Tan, Wei & Li, Zhichun, 2016. "Pareto-improving transportation network design and ownership regimes," Transportation Research Part B: Methodological, Elsevier, vol. 91(C), pages 292-309.
    11. Amirgholy, Mahyar & Gonzales, Eric J., 2017. "Efficient frontier of route choice for modeling the equilibrium under travel time variability with heterogeneous traveler preferences," Economics of Transportation, Elsevier, vol. 11, pages 1-14.
    12. André de Palma & Robin Lindsey & Guillaume Monchambert, 2017. "The Economics of Crowding in Public Transport," Post-Print hal-01203310, HAL.
    13. Beaudoin, Justin & Lin Lawell, C.-Y. Cynthia, 2018. "The effects of public transit supply on the demand for automobile travel," Journal of Environmental Economics and Management, Elsevier, vol. 88(C), pages 447-467.
    14. Álvarez-SanJaime, Óscar & Cantos-Sanchez, Pedro & Moner-Colonques, Rafael & Sempere-Monerris, Jose J., 2016. "Rail access charges and internal competition in high speed trains," Transport Policy, Elsevier, vol. 49(C), pages 184-195.
    15. Grahn-Voorneveld , Sofia, 2014. "The inefficiency of marginal cost pricing on roads," Working papers in Transport Economics 2014:16, CTS - Centre for Transport Studies Stockholm (KTH and VTI).
    16. Ben Dachis, 2013. "Cars, Congestion and Costs: A New Approach to Evaluating Government Infrastructure Investment," C.D. Howe Institute Commentary, C.D. Howe Institute, issue 385, July.
    17. Pablo González-Aliste & Iván Derpich & Mario López, 2023. "Reducing Urban Traffic Congestion via Charging Price," Sustainability, MDPI, vol. 15(3), pages 1-21, January.
    18. de Palma, André & Lindsey, Robin & Monchambert, Guillaume, 2017. "The economics of crowding in rail transit," Journal of Urban Economics, Elsevier, vol. 101(C), pages 106-122.
    19. André De Palma & Robin Lindsey & Guillaume Monchambert, 2015. "The Economics of Crowding in Public Transport," Working Papers hal-01203310, HAL.
    20. Winston, Clifford & Mannering, Fred, 2014. "Implementing technology to improve public highway performance: A leapfrog technology from the private sector is going to be necessary," Economics of Transportation, Elsevier, vol. 3(2), pages 158-165.
    21. Vincent van den Berg, "undated". "Self-financing roads under coarse tolling and heterogeneous preferences," Tinbergen Institute Discussion Papers 22-045/VIII, Tinbergen Institute.
    22. Bonnafous, Alain & Crozet, Yves, 2018. "Consumer surplus and pricing of transport infrastructures: The legacy of Jules Dupuit," Transport Policy, Elsevier, vol. 70(C), pages 8-13.
    23. Guo, Qianwen & Sun, Yanshuo & Li, Zhi-Chun & Li, Zhongfei, 2017. "An integrated model for road capacity choice and cordon toll pricing," Research in Transportation Economics, Elsevier, vol. 62(C), pages 68-79.
    24. Pavón, Nicolás & Rizzi, Luis Ignacio, 2019. "Road infrastructure and public bus transport service provision under different funding schemes: A simulation analysis," Transportation Research Part A: Policy and Practice, Elsevier, vol. 125(C), pages 89-105.
    25. Schubert, Daniel & Sys, Christa & Vanelslander, Thierry & Roumboutsos, Athena, 2022. "No-queue road pricing: A comprehensive policy instrument for Europe?," Utilities Policy, Elsevier, vol. 78(C).

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