This timely new edition of Kenneth A. Smalla??s seminal textbook Urban Transportation Economics , co-authored with Erik T. Verhoef, has been fully updated, covering new areas such as parking policies, reliability of travel times, and the privatization of transportation services, as well as updated treatments of congestion modelling, environmental costs, and transit subsidies. Rigorous in approach and making use of real-world data and econometric techniques, it contains case studies from a range of countries including congestion charging in Norway, Singapore and the UK, light rail in the Netherlands and freeway tolls in the US. Small and Verhoef cover all basic topics needed for any application of economics to transportation: forecasting the demand for transportation services under alternative policies measuring all the costs including those incurred by users setting prices under practicalconstraints choosing and evaluating investments in basic facilities designing ways in which the private and public sectors interact to provide services. This book will be of great interest to students with basic calculus and some knowledge of economic theory who are engaged with transportation economics, planning and, or engineering, travel demand analysis, and many related fields. It will also be essential reading for researchers in any aspect of urban transportation.

Kenneth A. Small is Research Professor and Professor Emeritus of Economics at the University of California at Irvine Erik T. Verhoef is Professor of Spatial Economics at VU University, Amsterdam

List of tables	p. ix
List of figures	p. x
Acknowledgments	p. xii
Selected symbols and abbreviations	p. xiii
Introduction	p. 1
Travel demand	p. 4
Aggregate tabulations and models	p. 5
Aggregate demand models	p. 6
Cross-sectional studies of metropolitan areas	p. 8
Cross-sectional studies within a metropolitan area	p. 9
Studies using time-series data	p. 10
Summary of key results of aggregate studies	p. 11
Transportation and land use	p. 12
Disaggregate models: methods	p. 15
Basic discrete-choice models	p. 15
Estimation	p. 17
Interpreting coefficient estimates	p. 19
Data	p. 21
Randomness, scale of utility, and measures of benefit	p. 23
Aggregation and forecasting	p. 25
Specification	p. 26
Ordered and rank-ordered models	p. 27
Disaggregate models: examples	p. 28
Mode choice	p. 28
Trip-scheduling choice	p. 29
Choice of free or express lanes	p. 31
Advanced discrete-choice modeling	p. 33
Generalized extreme value models	p. 33
Combined discrete and continuous choice	p. 36
Disaggregate panel data	p. 38
Random parameters and mixed logit	p. 39
Endogenous prices	p. 41
Activity patterns and trip chaining	p. 43
Value of time and reliability	p. 44
Value of time: basic theory	p. 45
Empirical specifications	p. 46
Extensions	p. 47
Value of reliability: theory	p. 49
Empirical results	p. 52
Conclusions	p. 54
Costs	p. 56
The nature of cost functions	p. 56
Cost functions for public transit	p. 61
Accounting cost studies	p. 62
Engineering cost studies	p. 64
Statistical cost studies	p. 65
Cost functions including user inputs	p. 67
Highway travel: congestion technology	p. 69
Fundamentals of congestion	p. 69
Empirical speed-flow relationships	p. 72
Dynamic congestion models	p. 78
Congestion modeling: a conclusion	p. 83
Highway travel: short-run cost functions and equilibrium	p. 83
Stationary-state congestion on a homogeneous road	p. 84
Time-averaged models	p. 86
Dynamic models with endogenous scheduling	p. 88
Network equilibrium	p. 93
Parking search	p. 96
Empirical evidence on short-run variable costs	p. 97
Highway travel: long-run cost functions	p. 105
Analytic long-run cost functions	p. 106
The role of information technology	p. 109
Empirical evidence on capital costs	p. 111
Is highway travel subsidized?	p. 114
Intermodal cost comparisons	p. 115
Conclusions	p. 117
Pricing	p. 119
First-best congestion pricing of highways	p. 120
Static congestion	p. 121
Dynamic congestion	p. 127
Second-best pricing	p. 137
Network aspects	p. 139
Time-of-day aspects	p. 143
User heterogeneity	p. 145
Stochastic congestion and information	p. 146
Interactions with other distorted markets	p. 146
Second-best pricing: a conclusion	p. 147
Congestion pricing in practice	p. 148
Singapore	p. 148
Norwegian toll rings	p. 149
Value pricing in the US	p. 149
London congestion charging	p. 150
Other applications	p. 151
Technology of road pricing	p. 151
Pricing of parking	p. 153
Pricing of public transit	p. 155
Fare level	p. 155
Fare structure	p. 159
Incentive effects of subsidies	p. 159
Political considerations	p. 160
Conclusions	p. 161
Investment	p. 163
Capacity choice for highways	p. 163
Basic results: capacity choice with first-best pricing and static congestion	p. 164
Self-financing in more complex settings	p. 167
Second-best highway capacity	p. 172
Naive investment rules	p. 178
Cost-benefit analysis	p. 181
Willingness to pay	p. 181
Demand and cost forecasts	p. 184
Discounting future costs and benefits	p. 185
Shifting of costs and benefits	p. 187
External benefits and network effects	p. 187
Conclusion: the use and misuse of cost-benefit analysis	p. 189
Conclusions	p. 189
Industrial organization of transportation providers	p. 191
Private highways	p. 192
Single road with static congestion	p. 192
Single road with dynamic congestion	p. 194
Heterogeneous users	p. 196
Private toll lanes: the two-route problem revisited	p. 196
Competition in networks	p. 198
Regulation and franchising of private roads	p. 201
Privately provided transit services	p. 203
Forms of privatization	p. 204
Market structure and competitive practices	p. 205
Efficiency of public and private providers	p. 208
Experience with privatization and deregulation	p. 209
Paratransit	p. 212
Conventional taxi service	p. 213
Conclusions	p. 214
Conclusion	p. 215
Emerging themes	p. 215
Implications for transportation research	p. 219
Notes	p. 221
References	p. 237
Index	p. 269
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