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Bounding the efficiency of road pricing

Yang, H.; Xu, W.; Heydecker, B.G.; (2010) Bounding the efficiency of road pricing. Transportation Research Part E: Logistics and Transportation Review , 46 (1) pp. 90-108. 10.1016/j.tre.2009.05.007. Green open access

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Abstract

This paper deals with the following question associated with congestion pricing in a general network with either fixed or elastic travel demand: what is the maximum efficiency loss of a general second-best pricing scheme due to inexact marginal-cost pricing in comparison with the first-best pricing or system optimum case? A formal answer to this question is provided by establishing an inefficiency bound associated with a given road pricing scheme. An application of the methods is provided for the practical trial-and-error implementation of marginal-cost pricing with unknown demand functions.

Type: Article
Title: Bounding the efficiency of road pricing
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.tre.2009.05.007
Publisher version: http://dx.doi.org/10.1016/j.tre.2009.05.007
Language: English
Keywords: Nash game, inefficiency, congestion pricing, traffic equilibria
UCL classification: UCL > School of BEAMS > Faculty of Engineering Science > Civil, Environmental and Geomatic Engineering
URI: http://discovery.ucl.ac.uk/id/eprint/18969
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