Computation of Dynamic User Equilibria in a Model of Peak Period Traffic Congestion with Heterogenous Commuters
subject- – WP198
- – 1990-04-01
- – application/pdf
A Filtering Model with Steady-State Housing
description- – This paper presents a filtering model of the housing market which is similar to Sweeney's (1974b), except that the maintenance technology is such that housing can be maintained at a constant quality level as well as downgraded, and population at each income level grows continuously over time. In equilibrium, at each moment of time, some housing is allowed to deteriorate in quality, and other housing is maintained in a steady-state interval of qualities.
- – WP301
- – 1995-02-01
- – application/pdf
Alleviating Traffic Congestion: Alternatives to Road Pricing
description- – Economists' favorite remedy for traffic congestion is road pricing. Not only is road pricing based on sound economic principles, but also given current technology it could be implemented at reasonable cost and in a flexible and sophisticated manner. But there are serious obstacles to the widespread adoption of road pricing. There are problems of phase-in: the fixed costs of introducing any system of road pricing, as well as the problems of coordinating road pricing across jurisdictions, including standardization and the treatment of out-of-towners. Political acceptability is an even more serious obstacle. How can congestion pricing be"sold"to economically unsophisticated voters who are justifiably suspicious of any new government taxes and charges? This paper will not argue against road pricing, though it will point out some of the difficulties associated with the policy that economists have tended to ignore or to gloss over. Rather, it will examine some of the alternatives to road pricing. More specifically, it will focus on two related questions, one positive, one normative, on the assumption that congestion pricing is not introduced, at least on city streets. The positive question: What are the likely effects of policies other than road pricing on alleviating road congestion? The normative question: What mix of policies (road pricing excluded) would be most effective in alleviating traffic congestion? Throughout the focus will be on urban traffic congestion. Alternatives to road pricing can be grouped into five categories: 1. Expansion and upgrading of existing road capacity; 2. Expansion and upgrading of mass transit; 3. Regulation; 4. Information; 5. Non-road transport pricing. While the emphasis of the paper will be on qualitative analysis, there will be some attempts at quantification via back-of-the-envelope calculations.
- – WP282
- – 1994-09-01
- – application/pdf
Are Brokers' Commission Rates on Home Sales Too High? A Conceptual Analysis
description- – Many people believe that prevailing commission rates for residential real estate brokers are"too high"but do not offer a formal model. This paper presents a general equilibrium model of the housing market in which real estate brokers serve as matching intermediaries. We use this model to construct an illustrative example which is"calibrated"using data representative of a typical housing market.
- – WP302
- – 1995-09-01
- – application/pdf
Self-Financing of Congestible Facilities in a Growing Economy
subject- – WP304
- – 1995-06-01
- – application/pdf
Information and Time-of-Usage Decisions in the Bottleneck Model with Stochastic Capacity and Demand
subject- – WP355
- – 1996-10-01
Latent Policies: An Extended Example
description- – Arnott and Stiglitz (1993) have argued that, in competitive insurance markets with moral hazard, equilibrium may entail firms offering latent policies--policies that are not bought in equilibrium but are kept in place to deter entry. This paper provides an extended example of such an equilibrium, which not only proces that latent policies can be present in equilibrium but also elucidates the mechanism which makes them potentially effective in deterring entry.
- – WP353
- – 1996-05-01
- – application/pdf
A General Equilibrium Spatial Model of Housing Quality and Quantity
description- – This paper examines the properties of stationary-state general equilibrium in a monocentric city with durable housing. On the demand side, identical households choose location, housing quality and quantity (floor area), and other goods. On the supply side, developers choose the structural density and time path of quality (which depends on construction quality and maintenance) of buildings. Under a certain set of assumptions, existence and uniqueness of equilibrium are proved, and its comparative static/dynamic properties are determined.
- – WP307
- – 1996-02-01
- – application/pdf
Congestion Tolling and Urban Spatial Structure
description- – According to the standard model of urban traffic congestion and urban spatial structure, congestion tolling results in a more concentrated city. In recent years, a new model of rush hour urban auto congestion has been developed which incorporates trip-timing decisions: the bottleneck model. In the simplest bottleneck model, optimal congestion tolling without toll revenue redistribution has no effect on trip price since the efficiency gains exactly equal the toll revenue collected. Optimal congestion tolling then has no effect on urban spatial structure. This paper formalizes this result and extends it somewhat.
- – WP389
- – 1997-11-01
- – application/pdf
Urban Spatial Structure
subject- – WP388
- – 1997-11-01
- – application/pdf
William S. Vickrey: Contributions to Public Policy
subject- – WP387
- – 1997-10-01
- – application/pdf
A Welfare-Based Measure of Productivity Growth with Environmental Externalities
subject- – WP392
- – 1997-09-01
- – application/pdf
Economic Theory and the Spatial Mismatch Hypothesis
subject- – WP390
- – 1997-09-01
- – application/pdf
Takeover Defenses and Dilution: A Welfare Analysis
description- – This paper highlights the role of takeover defenses in the acquisition process. If managerial defensive effort is fixed, the unregulated level of takeover activity is lower than socially desirable since shareholders regard the financial incentives given to raiders to stimulate takeover activity as a cost, while society views them as a transfer. We show that this result no longer holds if defensive effort is variable -- the unregulated market for corporate control will generate excessive takeovers. One implication of our analysis is that in the presence of substantial anti-takeover related expenditures the gains from takeover will be overestimated. These gains include the benefits from dismantling defenses which were installed because of the takeover threat.
- – WP351
- – 2000-10-06
- – application/pdf
The Two-Mode Problem: Second-Best Pricing and Capacity
description- – Suppose that there are two congestible modes of travel from A to B - road and rail for concreteness - which are imperfect substitutes in demand. Road congestion from A to B is underpriced; this is an unalterable distortion. Compared to the first best, should the transportation planner choose a wider or narrower road, raise or lower the rail fare, and expand or contract rail capacity? This paper provides a synthetic review of the literature on the problem, presents some new results, and discusses directions for future research on this and related second-best problems.
- – WP474
- – 2000-08-01
- – application/pdf
The Corridor Problem
description- – Consider a corridor which connects a continuum of residential locations to the CBD (central business district) and which is subject to flow congestion. All (identical) individuals travel along the corridor from home to work in the morning rush hour and have the same work start time. Each individual decides when to depart from home so as to minimize the sum of travel time costs, time early costs, and toll costs (when applicable). This paper investigates the pattern of trac flow over the morning rush hour and the social optimum, and considers the implications for land use and road cost-benefit analysis.
- – WP443
- – 2001-12-01
- – application/pdf
The Economic Theory of Urban Traffic Congestion: A Microscopic Research Agenda
subject- – WP502
- – 2001-07-16
- – application/pdf
Urban Economic Aggregates in Monocentric and Non-monocentric Cities
subject- – WP506
- – 2001-05-01
- – application/pdf
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