Inside the queue:: hypercongestion and road pricing in a continuous time-continuous place model of traffic congestion
This 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 naïve application of a toll schedule based on Vickrey´s bottleneck model, in contrast, performs much worse and actually even reduces welfare.
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Volume (Year): 54 (2003)
Issue (Month): 3 (November)
Pages: 531-565
| Handle: | RePEc:eee:juecon:v:54:y:2003:i:3:p:531-565 |
| Contact details of provider: | Web page: http://www.elsevier.com/locate/inca/622905
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References listed on IDEAS
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- 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.
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Papers
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- Verhoef, Erik T., 2001. "An Integrated Dynamic Model of Road Traffic Congestion Based on Simple Car-Following Theory: Exploring Hypercongestion," Journal of Urban Economics, Elsevier, vol. 49(3), pages 505-542, May.
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