TY - JOUR
T1 - Inside the queue: hypercongestion and road pricing in a continuous time - continuous place model of traffic congestion
AU - Verhoef, E.T.
PY - 2003
Y1 - 2003
N2 - This paper develops a continuous-time-continuous-place dynamic economic model of traffic congestion, based on car-following theory. The model integrates two archetype congestion technologies used in the economics literature: 'static flow congestion' and 'dynamic bottleneck congestion.' With endogenous departure times and a bottleneck along the route, 'hypercongestion' arises as a dynamic equilibrium phenomenon on the upstream road segment. Congestion tolls 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 performs much worse and reduces welfare in the numerical model. © 2003 Elsevier Inc. All rights reserved.
AB - This paper develops a continuous-time-continuous-place dynamic economic model of traffic congestion, based on car-following theory. The model integrates two archetype congestion technologies used in the economics literature: 'static flow congestion' and 'dynamic bottleneck congestion.' With endogenous departure times and a bottleneck along the route, 'hypercongestion' arises as a dynamic equilibrium phenomenon on the upstream road segment. Congestion tolls 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 performs much worse and reduces welfare in the numerical model. © 2003 Elsevier Inc. All rights reserved.
U2 - 10.1016/S0094-1190(03)00078-0
DO - 10.1016/S0094-1190(03)00078-0
M3 - Article
SN - 0094-1190
VL - 54
SP - 531
EP - 565
JO - Journal of Urban Economics
JF - Journal of Urban Economics
ER -
