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Public Transit is publicly managed almost all over Europe. Public intervention in this sector is due to market failures: economies of scale and misperceptions of social and private costs may cause an insufficient supply of transit services. These arguments have been thouroughly analyzed within the standard welfarist approach to the theory and practice of subsidization. Ramsey rules and cost-benefit analysis emerged as useful devices for the definition of subsidy allocation. However remedies to market failures should be traded-off against government failures. Lack of incentives, X-inefficiency, regulatory capture, bureaucracy power are common facts in the internal organization of public administration. If a public sector utility, for some reasons, can not be completely privatized, it may be "almost" privatized by means of quasi-market mechanisms. Auctioning, yardistick competition, incentive schemes, auditing, regulation through competition are the keywords for the renewed public involvment in public transit. All these mechanisms can be properly studied within the theoretical format of the incentives theory. This approach helps us to understand past experiences of transit firms incentives scheme and to appreciate the relevance of the empirical analysis of performance indicators. An important question that emerges is the definition of operational incentive contracts. In this paper we will discuss this problem by referring to past and recent experiments with performance based subsidization programs.
An empirical investigation into the distorting effects of subsidies on firm efficiency, this book puts together and applies recent developments in econometric methods to explore efficiency consequences of government subsidy on firm operations. Within the neoclassical framework, the book provides analytical solutions capturing the effect of subsidy on cost, output, input demand, and allocative distortions when the firm receives operating and capital subsidies. By doing so, the book avoids the ad-hoc models that have been used to estimate the effect of subsidy on firm efficiency in the transit industry. The book takes the analytical model and develops empirical models to estimate the effect of subsidy on firm efficiency in transit firms. It applies a variety of techniques—deterministic, stochastic frontier estimation, and Data Envelopment Analysis to capture various aspects of the effect of subsidy. It separates allocative inefficiency into those due to subsidy and those due to internal factors. The book's contribution is the consistency and thoroughness with which the authors deal with the topic and the rigor of the empirical estimation.
First published in 1999, this book applies formal economic measures to the passenger and taxpayer benefits of public transit service in the United States under a public choice analytical framework. Approximately 400 local transit budgets have been renewed annually for more than 25 years. These budgets epitomize Braybrooke and Linblom's concept of 'disjointed incrementalism' and Buchanan's concept of 'Public Choice' since local legislators funded transit despite constant academic criticism of transit performance. On the other hand, Braybrooke and Lindblom and Buchanan show that local budgets capture benefits that traditional planning analysis does not grasp. This is borne out in analysis in the book. Indeed, far from draining society, transit returns five dollars in benefits for each one dollar of public subsidy. After explaining the analytical framework in Chapter 1, four chapters are devoted to measuring the value of transit benefits. The concluding chapter draws out the implications of this approach and of benefit measurement for policy and planning. ch and of benefit measurement for policy and planning.
First published in 1999, this book applies formal economic measures to the passenger and taxpayer benefits of public transit service in the United States under a public choice analytical framework. Approximately 400 local transit budgets have been renewed annually for more than 25 years. These budgets epitomize Braybrooke and Linblom's concept of 'disjointed incrementalism' and Buchanan's concept of 'Public Choice' since local legislators funded transit despite constant academic criticism of transit performance. On the other hand, Braybrooke and Lindblom and Buchanan show that local budgets capture benefits that traditional planning analysis does not grasp. This is borne out in analysis in the book. Indeed, far from draining society, transit returns five dollars in benefits for each one dollar of public subsidy. After explaining the analytical framework in Chapter 1, four chapters are devoted to measuring the value of transit benefits. The concluding chapter draws out the implications of this approach and of benefit measurement for policy and planning.
This timely new edition of Kenneth A. Small’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 practical constraints 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.
Throughout the world, the use of some kind of a formal transportation project evaluation procedure is a requirement. Yet, by and large, these are partial; in fact, much weight is often placed on the initial -pre-engineering -phases of the planning process, when vital information, such as accurate costs and demand projections, is largely missing. Moreover, many of these procedures neglect to consider key issues such as project’s risks, capital costs financing, latent demand, market imperfections, labor force availability and various incompatibilities between trip rates, travel times and activity location. As a result, projects, which are judged as viable under such deficient evaluation schemes, may have had a significantly different projection of capital costs and demand should a well-founded, thorough, and efficient evaluation process be used. Against this background, this book’s main objective is to construct a comprehensive and methodical economic, planning and decision-making framework for the evaluation of proposed transportation infrastructure investment projects. Such a framework is founded on four key principles. It is based on well-established economic, transportation and policy-analysis theoretical principles; it is comprehensive enough to encompass all relevant evaluation issues; it is applicable to a wide range of transportation investment projects; and it is amenable to empirical application including a sensitivity analysis and alternative scenarios regarding urban, regional and national developments.
This new edition of the seminal textbook The Economics of Urban Transportation incorporates the latest research affecting the design, implementation, pricing, and control of transport systems in towns and cities. The book offers an economic framework for understanding the societal impacts and policy implications of many factors including congestion, traffic safety, climate change, air quality, COVID-19, and newly important developments such as ride-hailing services, electric vehicles, and autonomous vehicles. Rigorous in approach and making use of real-world data and econometric techniques, the third edition features a new chapter on the special challenges of managing the energy that powers transportation systems. It provides fully updated coverage of well-known topics and a rigorous treatment of new ones. All of the basic topics needed to apply economics to urban transportation are included: Forecasting demand for transportation services under various conditions Measuring costs, including those incurred by users and incorporating two new tools to describe congestion in dense urban areas Setting prices under practical constraints Evaluating infrastructure investments Understanding how private and public sectors interact to provide services Written by three of the field’s leading researchers, The Economics of Urban Transportation is essential reading for students, researchers, and practicing professionals in transportation economics, planning, engineering, or related disciplines. With a focus on workable models that can be adapted to future needs, it provides tools for a rapidly changing world.