Economics of Urban Highway Congestion and Pricing offers the most
extensive examination to date of the relationship between
congestion tolls and highway capacity in the long run. This study
breaks new ground in the economic theory of optimal road capacity
by including theoretical contributions, empirical studies, and
simulation experiments that all pertain to the general topic
reflected in the title. The book is organized into four sections:
1) highway traffic flow; 2) commuter choice of tollways versus
freeways; 3) congestion pricing in the short run; and 4) road
capacity and pricing in the long run. In particular, the first
section on highway traffic flow examines the chief models and
empirical studies of vehicular flow on urban highways. The second
section of the book is a theoretical and empirical examination of
the choice that commuters make between urban tollways and freeways.
The third section is devoted to congestion pricing in the short
run, the time period in which the urban highway facilities are
taken as given. This section is the most important part of the book
from the standpoint of public policy. The fourth and last section
of the book considers road capacity and pricing in the long run,
with the concluding chapter gathering the authors' main results in
one place and making recommendations both for current policy and
for future research.
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