Toll Pricing with Elastic Demand and Heterogeneous Users

Shuaian Wang, Mark Harrison, Michelle Dunbar

Research output: Chapter in book / Conference proceedingConference article published in proceeding or bookAcademic researchpeer-review

1 Citation (Scopus)

Abstract

We consider a general transportation network where travelers are categorized into classes according to their value-of-Time (VOTs). The travel demand of each class in each origin-destination (OD) pair is a known decreasing function of the generalized travel cost to reflect different values of the trips. We give an economic interpretation of elastic demand with user heterogeneity. We further consider the first-best pricing problem with elastic demand with heterogeneous users. We show that such a nonnegative toll always exists, and finding such a toll is simple in that only a convex optimization problem needs to be solved.
Original languageEnglish
Title of host publicationVulnerability, Uncertainty, and Risk
Subtitle of host publicationQuantification, Mitigation, and Management - Proceedings of the 2nd International Conference on Vulnerability and Risk Analysis and Management, ICVRAM 2014 and the 6th International Symposium on Uncertainty Modeling and Analysis, ISUMA 2014
PublisherAmerican Society of Civil Engineers (ASCE)
Pages2265-2271
Number of pages7
ISBN (Electronic)9780784413609
DOIs
Publication statusPublished - 1 Jan 2014
Externally publishedYes
Event2nd International Conference on Vulnerability and Risk Analysis and Management, ICVRAM 2014 and the 6th International Symposium on Uncertainty Modeling and Analysis, ISUMA 2014 - Liverpool, United Kingdom
Duration: 13 Jul 201416 Jul 2014

Conference

Conference2nd International Conference on Vulnerability and Risk Analysis and Management, ICVRAM 2014 and the 6th International Symposium on Uncertainty Modeling and Analysis, ISUMA 2014
Country/TerritoryUnited Kingdom
CityLiverpool
Period13/07/1416/07/14

ASJC Scopus subject areas

  • Safety, Risk, Reliability and Quality

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