This paper considers the modeling of road congestion subject to peak-load demand. The standard model contains ambiguities and is poorly specified. These problems can be eliminated by working with a structural model that explicitly treats the congestion technology and drivers' behavioral...

The authors consider an individual who lacks the information-processing capacity required for a direct comparison of all feasible allocations. Instead of finding at once a best allocation, the individual myopically adjusts his current allocation toward higher utility. The individual makes...