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Transport Economics PDF

589 Pages·2022·6.925 MB·English
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Half-title Transport Economics BBUUTTTTOONN 99778811778866443355666688 PPRRIINNTT..iinndddd 11 2277//0044//22002222 1111::0077 BBUUTTTTOONN 99778811778866443355666688 PPRRIINNTT..iinndddd 22 2277//0044//22002222 1111::0077 Title page Transport Economics 4th Edition Kenneth Button University Professor, Schar School of Policy and Government, George Mason University, USA Cheltenham, UK • Northampton, MA, USA BBUUTTTTOONN 99778811778866443355666688 PPRRIINNTT..iinndddd 33 2277//0044//22002222 1111::0077 Copyright page © Kenneth Button 2022 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited The Lypiatts 15 Lansdown Road Cheltenham Glos GL50 2JA UK Edward Elgar Publishing, Inc. William Pratt House 9 Dewey Court Northampton Massachusetts 01060 USA A catalogue record for this book is available from the British Library Library of Congress Control Number: 2022931653 ISBN 978 1 78643 566 8 (cased) ISBN 978 1 78643 568 2 (paperback) ISBN 978 1 78643 567 5 (eBook) Typeset by Cheshire Typesetting Ltd, Cuddington, Cheshire EEP BoX BBUUTTTTOONN 99778811778866443355666688 PPRRIINNTT..iinndddd 44 2277//0044//22002222 1111::0077 Contents Preface x List of acronyms xii 1 Transport, Economics, and Economists 1 1.1 Some background 1 1.2 A brief history of transport economics 5 1.3 The subject matter of transport economics 8 1.4 The economic characteristics of transport 15 1.5 This book 17 References 20 2 Transport and the Economy: Some Numbers 22 2.1 Introduction 22 2.2 The global picture 24 2.3 Transport at the national level 31 2.4 Local transport 37 2.5 Emerging trends 44 2.6 S ome comments on the short-term effects of Covid-19 on transport 50 2.7 Where are the numbers? 52 References 54 Exhibit Response of air transport to a pandemic 46 3 Transport and Location 55 3.1 The desire for movement and mobility 55 3.2 Transport: the ‘chicken’ or the ‘egg’? 57 3.3 Industrial location and transport 60 3.4 Economic gateways and corridors 67 3.5 Output, market areas, and transport costs 70 3.6 Urban transport and land values 74 3.7 Urban wages 80 References 83 Exhibit The impact of parking policy on house prices in the Netherlands 79 4 The Demand for Transport 85 4.1 Demands for transport 85 4.2 Influences on travel demand 87 BBUUTTTTOONN 99778811778866443355666688 PPRRIINNTT..iinndddd 55 2277//0044//22002222 1111::0077 vi TRANSPORT ECONOMICS, 4TH EDITION 4.3 Pricing a transport service 90 4.4 Trip purpose 96 4.5 Levels and methods of charging 97 4.6 The time period 98 4.7 The absolute level of the price change 100 4.8 Income levels 101 4.9 The price of other transport services 104 4.10 Tastes, human desires, and motives 106 4.11 The notion of a ‘need’ for transport 109 4.12 The valuation of travel time savings 112 4.13 The demand for car ownership 119 4.14 What does ‘behavioral economics’ tell us? 126 References 130 Exhibit Demand shocks on airline fares produced by high-speed rail transport 91 Exhibit Fuel efficiency of United States cars following the 1973 and 1979 oil crises 93 Exhibit Meta-analytical synthesis of demand elasticity results 103 Exhibit The role of ancillary revenues in airline finances 108 Exhibit When London Underground workers go on strike 128 5 Direct Costs of Transport 134 5.1 Factors influencing the supply of transport 134 5.2 Fixed and variable costs 136 5.3 Economies of scale, scope, density, experience, and commonality 149 5.4 Specific, joint, and common costs 155 5.5 Problems of common cost allocation: the road and rail track cases 157 5.6 Transport user costs and the notion of generalized costs 164 5.7 The bunching of public transport services 170 5.8 Economic performance 172 5.9 Costs and the measurement of economic efficiency 175 References 182 Exhibit The container and world trade 143 Exhibit Measuring perceived costs of driving 167 6 The External Economic Costs of Transport 186 6.1 Introduction 186 6.2 Externalities 187 6.3 Transport’s implications for the environment 190 6.4 The valuation of externalities 193 6.5 The magnitude of the environmental externality problem 201 6.6 Energy use 214 6.7 Introduction to traffic congestion 219 6.8 The economic costs of congestion 225 BBUUTTTTOONN 99778811778866443355666688 PPRRIINNTT..iinndddd 66 2277//0044//22002222 1111::0077 CONTENTS v ii 6.9 Refinements on the basic congestion model 227 6.10 Some broad aggregate calculations 232 References 233 Exhibit The economic costs of CO emissions 196 2 Exhibit The economic costs of the Amoco Cadiz oil spill 198 7 The Pricing of Transport 236 7.1 The principles of pricing 236 7.2 Matching supply with demand 237 7.3 Marginal cost pricing 243 7.4 Difficulties of ‘second-best’ situations 246 7.5 Price differentiation, price discrimination, and yield management 249 7.6 Pricing with stochastic demand 265 7.7 The problem of the peak 267 7.8 Transport subsidies, operational objectives, and pricing 270 7.9 Market instability, suboptimal supply, and the empty core 273 7.10 Indirect pricing 276 References 278 Exhibit The issue of predatory pricing 240 8 Containing the Environmental Costs of Transport 281 8.1 Introduction 281 8.2 The main economic approaches 282 8.3 Marketable and tradeable permits 283 8.4 The OECD’s ‘polluter-pays principle’ 287 8.5 More on environmental standards 294 8.6 Transport subsidies and the environment 298 8.7 Protecting the sufferers 303 8.8 Energy use 304 8.9 Safety and accidents 315 References 318 Exhibit Marketable permits for lead in gasoline 286 Exhibit The ‘Ubernomics’ of app-based ride-hailing 301 Exhibit ‘Boris bikes’ 311 9 Optimizing Traffic Congestion 320 9.1 Economics and optimal traffic 320 9.2 ‘Road pricing’ 321 9.3 Applications of urban road pricing 326 9.4 Some difficulties with road pricing 329 9.5 Impacts of road pricing 338 9.6 Parking policies 342 9.7 Congestion pricing at airports 344 9.8 Seaports congestion 356 BBUUTTTTOONN 99778811778866443355666688 PPRRIINNTT..iinndddd 77 2277//0044//22002222 1111::0077 viii TRANSPORT ECONOMICS, 4TH EDITION 9.9 Non-pricing options for reducing congestion 358 9.10 ‘Micromobility’ 362 References 363 Exhibit The initial London congestion charge scheme 340 10 Economics and Transport Logistics 366 10.1 Introduction 366 10.2 Transport logistics 367 10.3 The costs of warehousing and inventory holdings 370 10.4 Consolidation and trans-shipment 375 10.5 Mode choice 376 10.6 Urban logistics 380 10.7 Green logistics 382 10.8 International logistics 384 10.9 Big data, supply chains, and economics 386 10.10 Security 387 References 395 Exhibit Costs and benefits of transport security 389 11 Investment Criteria: Private and Public Sector Analysis 398 11.1 Transport and infrastructure 398 11.2 Basic theories of investment policies 400 11.3 Commercial and social approaches to investment 403 11.4 Public–private partnerships 407 11.5 The theory of cost–benefit analysis 412 11.6 Coping with network effects 417 11.7 Cost–benefit analysis in practice and variations on the theme 419 11.8 Comparability between appraisal techniques 428 11.9 Assessing the effect on national income 431 11.10 Some institutional considerations 434 References 436 Exhibit The Third London Airport Study 421 12 Transport Planning and Forecasting 438 12.1 The development of transport planning 438 12.2 The ethos of transport planning 443 12.3 Traffic modeling and forecasting 448 12.4 Sequential travel demand forecasting 453 12.5 Disaggregate modeling 460 12.6 Interactive and stated-preference modeling 463 References 465 Exhibit Blue-print planning: L’Enfant’s transport plan for Washington DC 439 Exhibit Accuracy in traffic demand forecasting 451 BBUUTTTTOONN 99778811778866443355666688 PPRRIINNTT..iinndddd 88 2277//0044//22002222 1111::0077 CONTENTS i x 13 Transport and Economic Development 468 13.1 Transport’s Role in Development 468 13.2 Economic growth theory and transport 469 13.3 Transport infrastructure investment and economic productivity 476 13.4 The multiplier impacts of a transport investment 481 13.5 Transport economics in less developed countries 486 13.6 The transport policy of the European Union 492 13.7 Transport effects on regional and urban development 504 References 512 Exhibit Employment implications of the United States’ federal highway system 471 Exhibit Railroads and canals in the United States’ economic development 474 Exhibit Infrastructure investment and economic productivity 478 Exhibit Some macro- and microeconomics of elevator travel 506 14 Political Economy and Transport Regulation 514 14.1 Underlying issues 514 14.2 Regulation theory 517 14.3 Monopoly power 522 14.4 Prioritizing transport policies 530 14.5 Paths of regulatory reform 541 14.6 Studying regulatory reform 546 14.7 Disruptive innovation 551 14.8 Coordination via the market, or by direction? 554 References 557 Exhibit Regulated and unregulated airlines 526 Name index 559 Subject index 567 BBUUTTTTOONN 99778811778866443355666688 PPRRIINNTT..iinndddd 99 2277//0044//22002222 1111::0077

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