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The Ramsey Problem for Congestible Facilities / Richard Arnott, Marvin Kraus.
- Format:
- Book
- Author/Creator:
- Arnott, Richard.
- Series:
- Technical Working Paper Series (National Bureau of Economic Research) no. t0084.
- NBER technical working paper series no. t0084
- Language:
- English
- Subjects (All):
- Ramsey theory.
- Origin and destination traffic surveys--Mathematical models.
- Origin and destination traffic surveys.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1994.
- Cambridge, MA : National Bureau of Economic Research, 1994.
- Summary:
- In recent years, a new set of models drawing on Vickrey [1969] has been developed to analyze the economics of congestible facilities. These models are structural in that they derive the cost function from consumers' time-of-use decisions and the congestion technology. Standard models, in contrast, simply assume the general form of the cost function. We apply the new approach to analyze the Ramsey problem for a congestible facility, and show that the solution generally entails cost inefficiency. Standard models have failed to reveal this result because they treat the cost function as completely determined by technology.
- Notes:
- Print version record
- May 1994.
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