Pricing Road Congestion: Recent Evidence from Singapore |
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| Authors: | Patrick S McCarthy Richard Tay |
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| Institution: | Patrick S. McCarthy is Associate Professor of Economics at Purdue University. He is a transportation economist who has published widely on modal and destination choice, automobile demands, and transportation safety. He has recently been in volved in sevral projects on govemment regulation and high way safety and has highway safety and served on National Research Council study committees on highway safety. The work reported here wasconducted while he was on sabbatical leaveat Nanyang Tcchnological University in Singapore.;Richard Tay is a lecturer in the School of Accountancy and Business at Nanyang Technological University, Singapore. His research interests include travel demand modelling and management, transportation economics and policy, and automobile demand and marketing analysis. Dr. Tay has consulted for a major automobile manufacturer and for thegovernment in Singapore. He is currently holding a visiting position at the Sloan School of Management, Massachusetts Institute of TechnoIogy, USA. |
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| Abstract: | The role of road pricing in travel demand management and congestion mitigation has been gaining support in many countries. Although the theory of congestion pricing is persuasive and straightforward, successful application of road pricing mandates that congestion externalities be estimated. Using data from a recent traffic survey in Singapore, this paper estimates congestion prices for alternative time values and vehicle types. These estimates are compared with the existing cost of area licenses, from which implications for economic efficiency and resource allocation are drawn. |
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