We formulate a model of reference-dependent preferences based on the marginal rate of substitution at the reference-point of a reference-free utility function. Using binary choices on the trade-off between money and travel time, reference-dependence is captured by value functions that are...

We formulate a model of reference-dependent preferences based on the marginal rate of substitution at the reference-point of a reference-free utility function. Using binary choices on the trade-off between money and travel time, reference-dependence is captured by value functions that are...

We study the interaction between pricing, frequency of service and information provision by public transport firms offering scheduled services, and we do so under various regulatory regimes. The model assumes that users can come to the bus stop or rail station at random or they can plan their...

We formulate a model of reference-dependent preferences based on the marginal rate of substitution at the reference-point of a reference-free utility function. Using binary choices on the trade-off between money and travel time, reference-dependence is captured by value functions that are...

We formulate a model of reference-dependent preferences based on the marginal rate of substitution at the reference-point of a reference-free utility function. Using binary choices on the trade-off between money and travel time, reference-dependence is captured by value functions that are...

We develop a positive theory of pricing car access (by parking fees or cordon tolls) to downtown commercial districts. The model accounts for the special interests of downtown retailers and competing superstores at the edge of the city, and studies how lobbying by both groups shapes the...

We study the duopolistic interaction between congestible facilities that supply perfect substitutes. Firms are assumed to make sequential decisions on capacities and prices. Since the outcomes directly affect consumers' time cost of accessing or using a facility, the capacity sharing rule is...

This paper studies the political economy of cordon tolls, the most common form of road pricing in cities. We consider a monocentric city inhabited by renters and resident-landowners. A cordon toll raises the rental price of land within the cordon, and it reduces rents outside this area. Hence,...

Political acceptability is the primary obstacle to implementation of road pricing in many cities. This paper studies the political economy of urban road pricing in its most common incarnation: cordon tolling. We relate voters? preferences for the road toll to its impact on the city?s land...