Monday, November 14, 2011

How to Cure Congestion: more roads, more public transit, or congestion pricing?

The Fundamental Law of Road Congestion: Evidence from US Cities ( Abstract, Gilles Duranton and Matthew A. Turner, American Economic Review, Oct. 2011)

Also discussed here: The Only Hope for Reducing Traffic ( Eric Jaffe, the Atlantic Cities, Oct. 19, 2011)

Yet another paper is reviewed today from an economic viewpoint, concluding that congestion pricing is the only way to reduce congestion. Not even more public transit offers relief. Where pricing has been used, the results in terms of revenue, pollution reduction and less congestion are so evident that public acceptance is clear.



Key Quotes:

“This Law states that on urban commuter expressways, peak-hour traffic congestion rises to meet maximum capacity"

"There is such an enormous latent demand for road space, they believe, that whenever a driver shifts onto public transportation, another one quickly grabs the open lane"

"As soon as you manage to create space on the road, by whatever means, people are going to use that space. Except when people have to pay for it, of course."

“London's pricing program has created a number of benefits: car use is down, carbon emissions are down, delays are down, even taxi fares are down .. the bus system has grown at exceptional rates, with its expansion largely paid for by the congestion pricing revenue”

“The more recent program in Stockholm has been an equal or even greater success…transit ridership is up, traffic is down some 18 percent, and in some cases rush-hour delays have been cut in half”

“people tend to be against it before they see it at work..They think it's going to cost them more money, which directly it will, but they're all very unclear about the benefits; i.e. traffic is way more fluid, way faster, and pollution is going down."
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