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The Economics of Urban Transportation - Kenneth A. Small

The Economics of Urban Transportation

Hardcover Published: 4th October 2007
ISBN: 9780415285148
Number Of Pages: 296

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This timely new edition of Kenneth A. Small's seminal textbook Urban Transportation Economics, co-authored with Erik T. Verhoef, has been fully updated, covering new areas such as parking policies, reliability of travel times, and the privatization of transportation services, as well as updated treatments of congestion modelling, environmental costs, and transit subsidies.

Rigorous in approach and making use of real-world data and econometric techniques, it contains case studies from a range of countries including congestion charging in Norway, Singapore and the UK, light rail in the Netherlands and freeway tolls in the US.

Small and Verhoef cover all basic topics needed for any application of economics to transportation:



  • forecasting the demand for transportation services under alternative policies

  • measuring all the costs including those incurred by users

  • setting prices under practical constraints

  • choosing and evaluating investments in basic facilities

  • designing ways in which the private and public sectors interact to provide services.


This book will be of great interest to students with basic calculus and some knowledge of economic theory who are engaged with transportation economics, planning and, or engineering, travel demand analysis, and many related fields. It will also be essential reading for researchers in any aspect of urban transportation.

This text should appear on the shelf of everyone practising transportation economics, and is likely to become the standard in the field - David Levinson, University of Minnesota

List of tablesp. ix
List of figuresp. x
Acknowledgmentsp. xii
Selected symbols and abbreviationsp. xiii
Introductionp. 1
Travel demandp. 4
Aggregate tabulations and modelsp. 5
Aggregate demand modelsp. 6
Cross-sectional studies of metropolitan areasp. 8
Cross-sectional studies within a metropolitan areap. 9
Studies using time-series datap. 10
Summary of key results of aggregate studiesp. 11
Transportation and land usep. 12
Disaggregate models: methodsp. 15
Basic discrete-choice modelsp. 15
Estimationp. 17
Interpreting coefficient estimatesp. 19
Datap. 21
Randomness, scale of utility, and measures of benefitp. 23
Aggregation and forecastingp. 25
Specificationp. 26
Ordered and rank-ordered modelsp. 27
Disaggregate models: examplesp. 28
Mode choicep. 28
Trip-scheduling choicep. 29
Choice of free or express lanesp. 31
Advanced discrete-choice modelingp. 33
Generalized extreme value modelsp. 33
Combined discrete and continuous choicep. 36
Disaggregate panel datap. 38
Random parameters and mixed logitp. 39
Endogenous pricesp. 41
Activity patterns and trip chainingp. 43
Value of time and reliabilityp. 44
Value of time: basic theoryp. 45
Empirical specificationsp. 46
Extensionsp. 47
Value of reliability: theoryp. 49
Empirical resultsp. 52
Conclusionsp. 54
Costsp. 56
The nature of cost functionsp. 56
Cost functions for public transitp. 61
Accounting cost studiesp. 62
Engineering cost studiesp. 64
Statistical cost studiesp. 65
Cost functions including user inputsp. 67
Highway travel: congestion technologyp. 69
Fundamentals of congestionp. 69
Empirical speed-flow relationshipsp. 72
Dynamic congestion modelsp. 78
Congestion modeling: a conclusionp. 83
Highway travel: short-run cost functions and equilibriump. 83
Stationary-state congestion on a homogeneous roadp. 84
Time-averaged modelsp. 86
Dynamic models with endogenous schedulingp. 88
Network equilibriump. 93
Parking searchp. 96
Empirical evidence on short-run variable costsp. 97
Highway travel: long-run cost functionsp. 105
Analytic long-run cost functionsp. 106
The role of information technologyp. 109
Empirical evidence on capital costsp. 111
Is highway travel subsidized?p. 114
Intermodal cost comparisonsp. 115
Conclusionsp. 117
Pricingp. 119
First-best congestion pricing of highwaysp. 120
Static congestionp. 121
Dynamic congestionp. 127
Second-best pricingp. 137
Network aspectsp. 139
Time-of-day aspectsp. 143
User heterogeneityp. 145
Stochastic congestion and informationp. 146
Interactions with other distorted marketsp. 146
Second-best pricing: a conclusionp. 147
Congestion pricing in practicep. 148
Singaporep. 148
Norwegian toll ringsp. 149
Value pricing in the USp. 149
London congestion chargingp. 150
Other applicationsp. 151
Technology of road pricingp. 151
Pricing of parkingp. 153
Pricing of public transitp. 155
Fare levelp. 155
Fare structurep. 159
Incentive effects of subsidiesp. 159
Political considerationsp. 160
Conclusionsp. 161
Investmentp. 163
Capacity choice for highwaysp. 163
Basic results: capacity choice with first-best pricing and static congestionp. 164
Self-financing in more complex settingsp. 167
Second-best highway capacityp. 172
Naive investment rulesp. 178
Cost-benefit analysisp. 181
Willingness to payp. 181
Demand and cost forecastsp. 184
Discounting future costs and benefitsp. 185
Shifting of costs and benefitsp. 187
External benefits and network effectsp. 187
Conclusion: the use and misuse of cost-benefit analysisp. 189
Conclusionsp. 189
Industrial organization of transportation providersp. 191
Private highwaysp. 192
Single road with static congestionp. 192
Single road with dynamic congestionp. 194
Heterogeneous usersp. 196
Private toll lanes: the two-route problem revisitedp. 196
Competition in networksp. 198
Regulation and franchising of private roadsp. 201
Privately provided transit servicesp. 203
Forms of privatizationp. 204
Market structure and competitive practicesp. 205
Efficiency of public and private providersp. 208
Experience with privatization and deregulationp. 209
Paratransitp. 212
Conventional taxi servicep. 213
Conclusionsp. 214
Conclusionp. 215
Emerging themesp. 215
Implications for transportation researchp. 219
Notesp. 221
Referencesp. 237
Indexp. 269
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780415285148
ISBN-10: 0415285143
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 296
Published: 4th October 2007
Publisher: Taylor & Francis Ltd
Country of Publication: GB
Dimensions (cm): 24.8 x 17.1  x 2.18
Weight (kg): 0.68
Edition Number: 2
Edition Type: New edition