This paper is concerned with the application of microeconomic theory to resource allocation in the transportation sector. The basic questions it addresses are how transportation should be priced and how capacity should be determined. Three models, the traditional highway pricing and investment model, the highway bottleneck model, and the traditional model of mass transit pricing and service, are employed to develop principles common to all transportation modes. This paper has been published as a chapter with the same title in Randolph W. Hall, ed., Handbook of Transportation Science, 2nd ed., Kluwer Academic Publishers, 2002.
Transport economics; Urban transportation; Congestion pricing
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