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Bounding the efficiency of road pricing

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

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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. © 2009 Elsevier Ltd. All rights reserved.

Type:Article
Title:Bounding the efficiency of road pricing
DOI:10.1016/j.tre.2009.05.007
UCL classification:UCL > School of BEAMS > Faculty of Engineering Science > Civil, Environmental and Geomatic Engineering

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