Congestion derivatives for a traffic bottleneck with heterogeneous commuters

Transportation Research Part B: Methodological

Volumn 46, Issue 10, 2012, Pages 1454-1473

  Yao, Tao ^a   Wei, Mike Mingcheng ^b   Zhang, Bo ^a   Friesz, Terry ^a  

^a The Pennsylvania State University   (United States)

^b WASHINGTON UNIVERSITY IN ST LOUIS   (United States)

Author keywords

Bottleneck model; Congestion derivative; Heterogeneous commuters; Market based mechanism

Indexed keywords

COMMERCE; COSTS; ECONOMICS; UNCERTAINTY ANALYSIS;

BOTTLENECK MODELS; CONGESTION PRICING; FINANCIAL DERIVATIVES; HETEROGENEOUS COMMUTERS; MARKET-BASED MECHANISMS; NUMERICAL FORMULATION; RISK PREFERENCE; TRAFFIC BOTTLENECK;

TRAFFIC CONGESTION;

NUMERICAL METHOD; TRAFFIC CONGESTION; TRAFFIC MANAGEMENT; UNCERTAINTY ANALYSIS;

EID: 84867613386     PISSN: 01912615     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.trb.2012.07.003     Document Type: Article

References (39)

1. Arnott R., Palma A., Lindsey R. Schedule delay and departure time decisions with heterogeneous commuters. Transportation Research Record 1988, 1197:56-67.
2. Arnott R., Palma A., Lindsey R. Departure time and route choice for the morning commute. Transportation Research Part B 1990, 24(3):209-228.
3. Arnott R., Palma A., Lindsey R. Route choice with heterogeneous drivers and group-specific congestion costs. Regional Science and Urban Economics 1992, 22(1):71-102.
4. Arnott R., Palma A., Lindsey R. A structural model of peak-period congestion: a traffic bottleneck with elastic demand. American Economic Review 1993, 83(1):161-179.
5. Arnott R., Palma A., Lindsey R. The welfare effects of congestion tolls with heterogeneous commuters. Journal of Transport Economics and Policy 1994, 28(2):139-161.
6. Arnott R., Palma A., Lindsey R. Information and time-of-usage decisions in the bottleneck model with stochastic capacity and demand. European Economic Review 1999, 43(3):525-548.
7. Bernstein, D., Sanhouri, I., 1994. Congestion pricing with an untolled alternative. Working paper, Princeton University.
8. Black F., Sholes M. The pricing of options and corporate liabilities. Journal of Political Economy 1973, 81(3):637-654.
9. Boyles S., Kockelman K., Waller S.T. Congestion pricing under operational, supply-side uncertainty. Transportation Research Part C 2010, 18(4):519-535.
10. Braid R. Uniform versus peal-load pricing of a bottleneck with elastic demand. Journal of Urban Economics 1989, 26(3):320-327.
11. Chen, D.Z., 2010. Modeling travel time uncertainty in traffic networks. M.S. thesis, MIT.
12. Cohen Y. Commuter welfare under peak-load congestion tolls: who gains and who loses?. International Journal of Transport Economics 1987, 14:239-266.
13. Daniel J. Congestion pricing and capacity of large hub airports: a bottleneck model with stochastic queues. Econometrica 1995, 63(2):327-370.
14. D'Ouville E., McDonald J.F. Optimal road capacity with a suboptimal congestion toll. Journal of Urban Economics 1990, 28(1):34-49.
15. Evans A. Road congestion pricing: when is it a good policy?. Journal of Transport Economics and Policy 1992, 26(3):213-243.
16. Friesz T.L., Bernstein D., Kydes N. Dynamic congestion pricing in disequilibrium. Networks and Spatial Economics 2004, 4(2):181-202.
17. Friesz T., Mookherjee R., Yao T. Securitizing congestion: the congestion call option. Transportation Research Part B 2007, 42(5):407-437.
18. Halvorson R., Nookala M., Buckeye K. High occupancy toll lane innovations: I-394 MnPASS. Public Works Management & Policy 2006, 10(3):242-255.
19. Henderson J. Road congestion: a reconsideration of pricing theory. Journal of Urban Economics 1974, 1(3):346-365.
20. Huang H., Lam W. Modeling and solving the dynamic user equilibrium route and departure time choice problem in network with queues. Transportation Research Part B 2002, 36(3):253-273.
21. Kraus M. Highway pricing and capacity choice under uncertain demand. Journal of Urban Economics 1982, 12(1):122-128.
22. Laih C. Queuing at a bottleneck with single- and multi-step tolls. Transportation Research Part A 1994, 28(3):197-208.
23. Lam T. Route and scheduling choice under travel time uncertainty. Transportation Research Record 2000, 1725:71-78.
24. Li, H., Bliemer, M., Bovy, P., 2009. Strategic departure time choice in a bottleneck with stochastic capacities. Working paper, Delft University of Technology.
25. Lindsey R. Existence, uniqueness, and trip cost function properties of user equilibrium in the bottleneck model with multiple user class. Transportation Science 2004, 38(3):293-314.
26. Lou Y., Yin Y., Lawphongpanich S. Robust congestion pricing under boundedly rational user equilibrium. Transportation Research Part B 2010, 44(1):15-28.
27. Ramadurai, G., Ukkusuri, S., Zhao, J., Pang, J., 2007. Dynamic equilibrium in multi-user class single bottleneck models: a complementarity formulation. In: Sixth Triennial Symposium on Transportation Analysis, Phuket, Thailand.
28. Siu, B., Lo, H., 2009. Equilibrium trip scheduling in congested traffic under uncertainty. Working paper, The Hong Kong University of Science and Technology.
29. Sumalee A., Xu W. First-best marginal cost toll for a traffic network with stochastic demand. Transportation Research Part B 2011, 45(1):41-59.
30. Van den Berg V., Verhoef E.T. Winning or losing from dynamic bottleneck congestion pricing? The distributional effects of road pricing with heterogeneity in values of time and schedule delay. Journal of Public Economics 2011, 95(7-8):983-992.
31. Van den Berg V., Verhoef E.T. Congestion tolling in the bottleneck model with heterogeneous values of time. Transportation Research Part B 2011, 45(1):60-78.
32. Vickrey W. Congestion theory and transport investment. American Economic Review 1969, 59(2):251-261.
33. Walters A. The theory and measurement of private and social cost of highway congestion. Econometrica 1961, 29(4):676-699.
34. Xin, W., Levinson, D., 2007. Stochastic congestion and pricing model with endogenous departure time selection and heterogeneous travelers. Working paper, University of Minnesota.
35. Yang H., Huang H. Carpooling and congestion pricing in a multilane highway with high-occupancy-vehicle lanes. Transportation Research Part A 1999, 33(2):139-155.
36. Yang H., Huang H. Mathematical and Economic Theory of Road Pricing 2005, Elsevier.
37. Yao T., Friesz T.L., Wei M.M., Ying Y. Congestion derivatives for a traffic bottleneck. Transportation Research Part B 2010, 44(10):1149-1165.
38. Yin Y., Lam W., Leda H. New technology and the modeling of risk-taking behavior in congested road networks. Transportation Research Part C 2004, 12(3):171-192.
39. Yin Y., Lou Y. Dynamic tolling strategies for managed lanes. Journal of Transportation Engineering 2009, 135(2):45-52.