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Economics of Transportation Systems: a Reference for Practitioners

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Economics of Transportation Systems: a Reference for Practitioners 0-6628-P1 THE ECONOMICS OF TRANSPORTATION SYSTEMS: A REFERENCE FOR PRACTITIONERS Dr. Kara Kockelman T. Donna Chen Dr. Katie Larsen Brice Nichols TxDOT Project 0-6628: Economic Considerations in Transportation System Development & Operations JANUARY 2013 Performing Organization: Sponsoring Organization: Center for Transportation Research Texas Department of Transportation The University of Texas at Austin Research and Technology Implementation Office 1616 Guadalupe, Suite 4.202 P.O. Box 5080 Austin, Texas 78701 Austin, Texas 78763-5080 Performed in cooperation with the Texas Department of Transportation and the Federal Highway Administration. The Economics of Transportation Systems: A Reference for Practitioners January 2013 University of Texas at Austin Dr. Kara Kockelman, T. Donna Chen, Dr. Katie Larsen, and Brice Nichols Sponsored by the Texas Department of Transportation The authors appreciate all the contributions to this research of multiple individuals. These include Duncan Stewart, Project Director, who provided much guidance, feedback, and support; the Project Monitoring Committee members, particularly Matt MacGregor and Ron Hagquist, for their regular feedback; Dr. Fernanda Leite, Sami Kolahdoozan, Dr. Leigh Boske, YiYi Wang, and Jay Chmilewski for their various contributions to the Reference’s draft content; Maureen Kelly for editorial development and design; and Annette Perrone and Stefanie Pascacio for their editorial assistance. Table of Contents Introduction Economics as a Tool for Transportation Decision-making .........................................................2 Reference Overview ....................................................................................................................3 Chapter 1. Costs and Benefits of Transportation 1.1 Introduction ........................................................................................................................ 1-1 1.2 Internal Costs and Benefits ................................................................................................ 1-3 Accounting Costs ................................................................................................................. 1-3 Capital vs. Operating Costs .................................................................................................. 1-3 Marginal vs. Average Costs ................................................................................................. 1-6 Total Costs: Fixed vs. Variable, and Short Run vs. Long Run .......................................... 1-11 Opportunity Costs .............................................................................................................. 1-12 1.3 External Costs and Benefits ............................................................................................. 1-17 1.4 Summary .......................................................................................................................... 1-21 1.5 An In-Depth Look ............................................................................................................ 1-23 Estimating Value of Travel Time (VOTT) ........................................................................ 1-23 Estimating Value of Reliability (VOR) ............................................................................. 1-23 Cost Functions and Returns to Scale in Production ........................................................... 1-24 1.6 References ........................................................................................................................ 1-25 Chapter 2. Pricing of Transportation Services 2.1 Introduction ........................................................................................................................ 2-1 2.2 What is an Optimal Price? ................................................................................................. 2-1 Maximizing Profit ................................................................................................................ 2-3 Maximizing Social Benefits ................................................................................................. 2-4 Yield Management ............................................................................................................... 2-5 2.3 Roadway Pricing ................................................................................................................ 2-7 Short-Run Marginal Cost Pricing ........................................................................................ 2-7 Long-Run Marginal Pricing ................................................................................................. 2-9 Static vs. Dynamic Pricing ................................................................................................... 2-9 Second-Best Pricing ........................................................................................................... 2-10 Implementing Roadway Pricing ........................................................................................ 2-13 Freight Movements ............................................................................................................ 2-18 2.4 Road Pricing’s Impacts on Equity ................................................................................... 2-20 Measures to Improve Horizontal Equity ............................................................................ 2-21 Measures to Improve Vertical Equity ................................................................................ 2-21 2.5 Summary .......................................................................................................................... 2-23 2.6 References ........................................................................................................................ 2-24 Chapter 3. Regulation and Competition 3.1 Introduction ........................................................................................................................ 3-1 3.2 Regulations ........................................................................................................................ 3-1 Environmental ...................................................................................................................... 3-2 Safety ................................................................................................................................... 3-5 Workers’ Wages ................................................................................................................... 3-8 3.3 Deregulation ....................................................................................................................... 3-8 Railroad and Motor Carrier Deregulation ............................................................................ 3-8 Airlines Deregulation ......................................................................................................... 3-10 3.4 Competition ..................................................................................................................... 3-12 Competition in Public Transit Systems .............................................................................. 3-12 Competition between Bidders ............................................................................................ 3-13 3.5 Summary .......................................................................................................................... 3-13 3.6 An In-Depth Look ............................................................................................................ 3-15 Regulatory Evolution ......................................................................................................... 3-15 3.7 References ........................................................................................................................ 3-17 Chapter 4. Movement, Transportation, and Location 4.1 Introduction ........................................................................................................................ 4-1 4.2 Accessibility and Mobility ................................................................................................. 4-1 4.3 Transportation and Location Choice .................................................................................. 4-1 Theories of Business Location ............................................................................................. 4-2 Theories of Residential Location ......................................................................................... 4-5 Policy Impacts ...................................................................................................................... 4-7 4.4 Transportation and Land Values ........................................................................................ 4-7 Theoretical Expectations ...................................................................................................... 4-7 Rail Transit ........................................................................................................................... 4-8 Highway Investment ............................................................................................................ 4-9 4.5 Transportation and Wages ............................................................................................... 4-10 4.6 Transportation and Economic Development ................................................................... 4-11 Economic Impact of Relief Routes
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