The theory of road pricing developed for single links suggests time andlocation varying charges equal to the marginal congestion cost at the efficientlevel of traffic. The second-best network counterpart is derived, but would beinfeasible to implement. Cordon tolls are feasible, and their...

The theory of road pricing developed for single links suggests time and location varying charges equal to the marginal congestion cost at the efficient level of traffic. The second-best network counterpart is derived, but would be infeasible to implement. Cordon tolls are feasible, and their...

Can industrial policy be effective when dealing with a revolutionary new technology? Mark Casson's recent book, "The World's First Railway System," offers the intriguing claim that a slight dose of central planning by the British government in the 1840s would have produced a dramatically more...

The renationalisation of rail infrastructure has not been a success. Network Rail has been plagued by crisis after crisis, with major projects hit by delays, mismanagement and large cost overruns. Its problems echo those suffered by the inefficient nationalised industries of the post-war period....

The EDSA bus market is fiercely competitive. In theory, allowing competition among many bus operators is expected to result in cost-effective and reliable transport services, and efficient use of roads. However, in reality, the outcomes are far different: daylong traffic jam and poor bus service...

Terrorism has become a primary concern for city dwellers around the world. This paper uses the 2005 attacks on the London Tube to provide causal evidence of the negative impact of terrorism on the value of proximity to public transportation. These attacks brought major transit stations into the...