Both consumer behavior in taking trips and the rules for optimizing the facilities on which these trips are taken are similar to the corresponding phenomena of relevance to any other commodity. In traveling, consumers act as if the price they pay for a trip is its direct money cost plus the time required times the value of travel time. Using travel facilities efficiently requires that consumers be charged tolls that force them to take into account the costs their trips impose on other travelers. Optimizing travel facilities requires that the sum of the direct resource costs and the value of consumer-supplied travel time be minimized. Failure to charge appropriate tolls yields welfare losses that are of substantial size on heavily congested facilities. Facilities that operate under the constraint that efficient tolls cannot be charged are developed for optimizing facilities. The implications of these rules for expressway travel are roughly quantified.

Media Info

  • Media Type: Print
  • Features: Figures; References; Tables;
  • Pagination: pp 183-195
  • Monograph Title: Better use of existing transportation facilities
  • Serial:

Subject/Index Terms

Filing Info

  • Accession Number: 00099511
  • Record Type: Publication
  • Files: TRIS, TRB
  • Created Date: Nov 5 1975 12:00AM