Static Versus Demand-Sensitive Models and Estimation of Second-Best Cordon Tolls: An Exercise for Eight English Towns

Santos, Georgina ORCID: https://orcid.org/0000-0002-8446-8297, Newbery, David and Rojey, Laurent 2001. Static Versus Demand-Sensitive Models and Estimation of Second-Best Cordon Tolls: An Exercise for Eight English Towns. Transportation Research Record 1747 (1) , pp. 44-50. 10.3141/1747-06

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Abstract

The static economic model of traffic congestion suggests that external costs can be internalized, with link-specific congestion charges equal to the externality at the efficient level of traffic. Such a scheme remains theoretical. Feasible cordon-toll schemes were considered for eight English towns, and optimal tolls were estimated. These are lower than theoretical computations suggest, as only central-area traffic is tolled, shifting traffic from congested to uncongested areas. Cordon tolls seem reasonably robust and error tolerant in the demand elasticity estimates, provided that these (and the resulting tolls) are pitched low.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Geography and Planning (GEOPL)
Subjects:	G Geography. Anthropology. Recreation > GE Environmental Sciences H Social Sciences > HB Economic Theory H Social Sciences > HE Transportation and Communications H Social Sciences > HJ Public Finance
Uncontrolled Keywords:	Road pricing, congestion charging, efficient charge, Pigouvian charge, cordon tolls, traffic congestion, congestion costs, social costs of congestion, value pricing, first best congestion charge, social welfare, second best tolls, deadweight loss
Publisher:	Transportation Research Board
ISSN:	0361-1981
Last Modified:	18 Oct 2022 12:28
URI:	https://orca.cardiff.ac.uk/id/eprint/9945

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