English, Article edition: Product Differentiation on Roads Erik T. Verhoef; Kenneth A. Small

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Product Differentiation on Roads
Author
  • Erik T. Verhoef
  • Kenneth A. Small
Physical Description
  • article
Notes
  • The authors explore the properties of various types of public and private pricing on a congested road network, with heterogeneous users, and allowing for elastic demand. The network allows them to model certain features of real-world significance: pricing restrictions on either complementary or substitute links, as well as interactions between different user groups on shared links. They find that revenue-maximising pricing is much less efficient than welfare-maximising pricing, but this difference is mitigated by the product differentiation made possible with heterogeneous users. Ignoring heterogeneity causes the welfare benefits of a policy of current interest, namely second-best pricing of one of two parallel links, to be dramatically underestimated. Unlike first-best policies, secondbest policies are in danger of losing much of their potential effectiveness if heterogeneity is ignored when setting toll levels. © The London School of Economics and the University of Bath 2004
  • RePEc:tpe:jtecpo:v:38:y:2004:i:1:p:127-156
Language
  • English
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