Optimizing Road Capacity and Type
We extend the traditional road investment model, with its focus on capacity and congestion as measures of capital and its utilization, to include free-flow speed as another dimension of capital. This has practical importance because one can view free-flow speed as a continuous proxy for road type (e.g. freeway, arterial, urban street). We derive conditions for optimal investment in capacity and free-flow speed, and analyze the optimal balance between the two. We then estimate cost functions for capital and user costs and apply the resulting model using parameters representing large US urban areas. We show that providing high free-flow speed may be quite expensive, and there is sometimes a tradeoff between it and capacity. We find suggestive evidence that representative freeways in most large urban areas provide too high a free-flow speed relative to capacity, thus making the case for reexamination of typical design practice.
|Date of creation:||Jun 2013|
|Contact details of provider:|| Postal: Irvine, CA 92697-3125|
Phone: (949) 824-5788
Web page: http://www.economics.uci.edu/
More information through EDIRC
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.:
- Arnott, Richard & de Palma, Andre & Lindsey, Robin, 1990.
"Economics of a bottleneck,"
Journal of Urban Economics,
Elsevier, vol. 27(1), pages 111-130, January.
- Richard Arnott & Andre de Palma & Robin Lindsey, 1985. "Economics of a Bottleneck," Working Papers 636, Queen's University, Department of Economics.
- Kraus, Marvin, 1981. "Scale economies analysis for urban highway networks," Journal of Urban Economics, Elsevier, vol. 9(1), pages 1-22, January.
- Chen Ng & Kenneth Small, 2012. "Tradeoffs among free-flow speed, capacity, cost, and environmental footprint in highway design," Transportation, Springer, vol. 39(6), pages 1259-1280, November.
- Chen Feng Ng & Kenneth Small, 2008. "Tradeoffs among Free-flow Speed, Capacity, Cost, and Environmental Footprint in Highway Design," Working Papers 080904, University of California-Irvine, Department of Economics.
- Ng, Chen Feng & Small, Kenneth, 2011. "Tradeoffs among Free-flow Speed, Capacity, Cost, and Environmental Footprint in Highway Design," University of California Transportation Center, Working Papers qt1nz5904j, University of California Transportation Center.
- Vickrey, William S, 1969. "Congestion Theory and Transport Investment," American Economic Review, American Economic Association, vol. 59(2), pages 251-260, May.
- Daganzo, C. F. & Cassidy, M. J. & Bertini, R. L., 1999. "Possible explanations of phase transitions in highway traffic," Transportation Research Part A: Policy and Practice, Elsevier, vol. 33(5), pages 365-379, June.
- Li, Daifeng & Ding, Ying & Shuai, Xin & Bollen, Johan & Tang, Jie & Chen, Shanshan & Zhu, Jiayi & Rocha, Guilherme, 2012. "Adding community and dynamic to topic models," Journal of Informetrics, Elsevier, vol. 6(2), pages 237-253.
- Vernon Henderson, J., 1992. "Peak shifting and cost-benefit miscalculations," Regional Science and Urban Economics, Elsevier, vol. 22(1), pages 103-121, March.
- Keeler, Theodore E & Small, Kenneth A, 1977. "Optimal Peak-Load Pricing, Investment, and Service Levels on Urban Expressways," Journal of Political Economy, University of Chicago Press, vol. 85(1), pages 1-25, February.
- Wilson, John D., 1983. "Optimal road capacity in the presence of unpriced congestion," Journal of Urban Economics, Elsevier, vol. 13(3), pages 337-357, May.
- Moshe Ben-Akiva & Moshe Hirsh & Joseph Prashker, 1985. "Probabilistic and Economic Factors in Highway Geometric Design," Transportation Science, INFORMS, vol. 19(1), pages 38-57, February. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:irv:wpaper:121309. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jennifer dos Santos)
If references are entirely missing, you can add them using this form.