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The Stability Of Downtown Parking And Traffic Congestion

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Listed:
  • Richard Arnott

    () (Department of Economics, University of California Riverside)

  • Eren Inci

    () (Sabanci University)

Abstract

In classical traffic flow theory, there are two velocities associated with a given level of traffic flow. Following Vickrey, economists have termed travel at the higher speed congested travel and at the lower speed hypercongested travel. Since the publication of Waltersí classic paper (1961, Econometrica 29, 676- 699), there has been an on-going debate concerning whether a steady-state hypercongested equilibrium can be stable. For a particular structural model of downtown traffic flow and parking, this paper demonstrates that a steady- state hypercongested equilibrium can be stable. Some other sensible models of traffic congestion conclude that steady-state hypercongested travel cannot be stable, and that queues develop to ration the demand in steady states. Thus, we interpret our result to imply that, when steady-state demand is so high that it cannot be rationed through congested travel, the trip price increase necessary to ration the demand may be generated either through the forma- tion of steady-state queues or through hypercongested travel, and that which mechanism occurs depends on details of the traffic system.

Suggested Citation

  • Richard Arnott & Eren Inci, 2008. "The Stability Of Downtown Parking And Traffic Congestion," Working Papers 200813, University of California at Riverside, Department of Economics, revised Nov 2008.
    • Handle: RePEc:ucr:wpaper:200813
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    References listed on IDEAS

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    More about this item

    Keywords

    traffic congestion; cruising for parking; on-street parking; hyper-congestion;

    JEL classification:

    • R41 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Transportation: Demand, Supply, and Congestion; Travel Time; Safety and Accidents; Transportation Noise
    • L91 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Transportation: General

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