Transport Economics (Hardback) book cover

Transport Economics

Edited by David A. Hensher

© 2012 – Routledge

1,880 pages

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Hardback: 9780415599702
pub: 2011-10-26
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About the Book

An effective transport infrastructure—and its associated services—are widely regarded as key components of an efficient, equitable, and sustainable society. But the link between transport provision (especially car ownership) and growing global levels of, for example, social exclusion, congestion, pollution, and road deaths is also increasingly recognized. The need to understand how to satisfy a seemingly insatiable appetite for mobility while minimizing its harmful impacts grows ever more crucial.

The subdiscipline of transport economics has made a substantial contribution towards a more sophisticated understanding of such dilemmas, and how detailed strategy and policy might be better developed and implemented. Indeed, especially in the last thirty years or so, there has been a veritable explosion in research output, and this new four-volume collection from Routledge’s Critical Concepts in Economics series meets the need for an authoritative reference work to help make sense of a rapidly expanding and ever more complex corpus of scholarly and practical literature.

Volume I includes an overview of the subdiscipline, and then focuses on choice and demand; and transport networks. Volume II, meanwhile, is organized around the themes of willingness to pay and the valuation of: travel time; reliability and trip-time variability; crowding; life and injury; noise; and emissions. Volume III emphasizes institutional reform, costs, and performance. The final volume in the collection includes the best and most influential work on: infrastructure; pricing, subsidy, and funding; congestion charging; subsidies; case studies in passenger transport economics, and analyses of freight and logistics economics.

With a full index, together with a comprehensive introduction, newly written by the editor, which places the collected material in its historical and intellectual context, Transport Economics is an essential work of reference. The collection will be particularly useful as an essential database allowing scattered and often fugitive material to be easily located. It will also be welcomed as a crucial tool permitting rapid access to less familiar—and sometimes overlooked—texts. For researchers, students, practitioners, and policy-makers, it is as a vital one-stop research and pedagogic resource.

Table of Contents


Volume I

Introduction and Overview

1. Editor’s Introduction and Overview.

2. C. Winston, ‘Conceptual Developments in the Economics of Transportation: An Interpretive Survey’, Journal of Economic Literature, Mar. 1985.

3. Robert H. Strotz, ‘Urban Transportation Parables’, in Julius Margolis (ed.), The Public Economy of Urban Communities (Resources for the Future, 1965), pp. 127–69.

4. T. Oum, W. G. Waters, and J. Yong, ‘Concepts of Price Elasticities of Transport Demand and Recent Empirical Evidence’, Journal of Transport Economics and Policy, 1992, 26, 2, 139–54.

5. W. Talley, ‘An Economic Theory of the Port’, Port Economics: Research in Transportation Economics, Vol. 16 (Elsevier, 2006), pp. 43–65.

Travel Choice and Demand-Modelling Frameworks

6. D. McFadden, ‘Disaggregate Behavioural Travel Demand’s RUM Side: A 30 Years Retrospective’, in D. A. Hensher (ed.), Travel Behaviour Research: The Leading Edge (Pergamon Press, 2001), pp. 17–64.

7. A. J. Daly and S. Zachary, ‘Improved Multiple Choice Models’, in D. A. Hensher and M. Q. Dalvi (eds.), Determinants of Travel Choice (Saxon House, 1978).

8. D. A. Hensher and W. H. Greene, ‘Mixed Logit Models: State of Practice’, Transportation, 2003, 30, 2, 133–76.

9. J. M. Rose and M. C. J. Bleimer, ‘Stated Preference Experimental Design Strategies’, in D. A. Hensher and K. J. Button (eds.), Handbook of Transport Modelling (Elsevier, 2008), pp. 151–80.

10. D. Brownstone, D. S. Bunch, and K. Train, ‘Joint Mixed Logit Models of Stated and Revealed Preferences for Alternative-Fuel Vehicles’, Transportation Research, 2000, 34B, 315–38.

Transport Networks

11. W. S. Vickrey, ‘Congestion Theory and Transport Investment’, American Economic Review, 1969, 59, 2, 251–61.

12. D. E. Boyce, H. S. Mahmassani, and A. Nagurney, ‘A Retrospective on Beckmann, McGuire and Winsten’s Studies in the Economics of Transportation’, Papers in Regional Science, 2005, 84, 1, 85–103.

13. R. Arnott, A. de Palma, and R. Lindsey ‘Recent Developments in the Bottleneck Model’, in Kenneth J. Button and Erik T. Verhoef (eds.), Road Pricing, Traffic Congestion and the Environment: Issues of Efficiency and Social Feasibility (Edward Elgar, 1998), pp. 79–110.

14. T. H. Oum, A. Zhang, and Y. Zhang, ‘Airline Network Rivalry’, Canadian Journal of Economics, 1995, 28, 836–57.

15. R. Noland, ‘Relationship Between Highway Capacity and Induced Vehicle Travel’, Transportation Research Part A, 2001, 35, 1, 47–72.

16. D. J. Graham, ‘Variable Returns to Agglomeration and the Effect of Road Traffic Congestion’, Journal of Urban Economics, 2007, 62, 1, 103–20.

Volume II

Willingness to Pay

17. K. Train and M. Weeks, ‘Discrete Choice Models in Preference Space and Willing To-Pay Space’, in R. Scarpa and A. Alberini (eds.), Applications of Simulation Methods in Environmental and Resource Economics (Springer, 2005), pp. 1–16.

Valuation of Travel Time

18. A. C. DeSerpa, ‘A Theory of the Economics of Time’, Economic Journal, 1971, 81, 828–45.

19. K. Train and D. McFadden, ‘The Goods/Leisure Tradeoff and Disaggregate Work Trip Mode Choice Models’, Transportation Research, 1978, 12, 49–53.

20. S. Jara-Diaz, ‘On the Goods-Activities Technical Relations in the Time Allocation Theory’, Transportation, 2003, 30, 245–60.

21. D. A. Hensher and R. C. Carruthers, ‘Resource Value of Business Air Travel Time’, in I. G. Heggie (ed.), Modal Choice and Value of Travel Time (Oxford University Press, 1976), pp. 164–85.

22. Bruno De Borger and M. Fosgerau, ‘The Trade-Off Between Money and Travel Time: A Test of the Theory of Reference-Dependent Preferences’, Journal of Urban Economics, 2008, 64, 101–15.

Valuation of Reliability and Trip-Time Variability

23. K. A. Small, ‘The Scheduling of Consumer Activities: Work Trips’, American Economic Review, 1982, 72, 467–79.

24. J. Bates et al., ‘The Valuation of Reliability for Personal Travel’, Transportation Research Part E, 2001, 37, 191–229.

25. D. Brownstone and K. Small, ‘Valuing Time and Reliability: Assessing the Evidence from Road Pricing Demonstrations’, Transportation Research Part A, 2005, 39, 3, 279–93.

26. Z. Li, D. A. Hensher, and J. M. Rose, ‘Willingness to Pay for Travel Time Reliability for Passenger Transport: A Review and Some New Empirical Evidence’, Transportation Research Part E, 2010, 46, 3, 384–403.

Valuation of Crowding

27. M. Kraus, ‘Discomfort Externalities and Marginal Cost Transit Fares’, Journal of Urban Economics, 1991, 29, 249–59.

Valuation of Life and Injury

28. M. Jones-Lee and G. Loomes, ‘Scale and Context Effects in the Valuation of Transport Safety’, Journal of Risk and Uncertainty, 1995, 11, 183–203.

29. L. I. Rizzi and J. de D. Ortúzar, ‘Road Safety Valuation under a Stated Choice Framework’, Journal of Transport Economics and Policy, 2006, 40, 1, 71–96.

Valuation of Noise

30. Jon P. Nelson, ‘Meta-Analysis of Airport Noise and Hedonic Property Values: Problems and Prospects’, Journal of Transport Economics and Policy, 2004, 38, 1, 1–28.

Valuation of Emissions: Climate Change and Air Pollution

31. K. A. Small and C. Kazimi, ‘On the Costs of Air Pollution from Motor Vehicles’, Journal of Transport Economics and Policy, 1995, 29, 1, 7–32.

32. M. A. Delucchi, ‘Environmental Externalities of Motor-Vehicle Use in the US’, Journal of Transport Economics and Policy, 2000, 34, 2, 135–68.

33. R. S. J. Tol, ‘The Economic Effects of Climate Change’, Journal of Economic Perspectives, 2009, 23, 2, 29–51.

Volume III

Institutional Reform

34. O. E. Williamson, ‘The New Institutional Economics: Taking Stock, Looking Ahead’, Journal of Economic Literature, 2000, 38, 565–613.

35. C. Winston, ‘US Industry Adjustment to Economic Deregulation’, Journal of Economic Perspectives, 1998, 12, 3, 89–110.

36. D. A. Hensher, ‘Delivering Value for Money to Government through Efficient and Effective Public Transit Service Continuity: Some Thoughts (Including Commentary of 8 Respondents)’, Transport Reviews, 2007, 27, 4, 411–48.

37. K. Gwilliam, ‘Bus Transport: Is There a Regulatory Cycle?’, Transportation Research Part A, 2008, 42, 9, 1183–94.

38. M. E. Beesley and S. Glaister, ‘Information for Regulating: The Case of Taxis’, Economic Journal, 1983, 93, 594–615.

39. Mary R. Brooks, ‘The Governance Structure of Ports’, Review of Network Economics, 2004, 3, 2, 169–84.

40. A. S. J. Smith, C. A. Nash, and P. Wheat, ‘Passenger Rail Franchising in Britain: Has it Been a Success?’, International Journal of Transport Economics, 2009, 36, 1, 33–62.

41. S. Borenstein, ‘The Evolution of US Airline Competition’, Journal of Economic Perspectives, 1992, 6, 2, 45–73.

Costs and Performance

42. Ronald R. Braeutigam, ‘Learning about Transport Costs’, in José A. Gómez-Ibáñez, William B. Tye, and Clifford Winston (eds.), Essays in Transportation Economics and Policy: A Handbook in Honor of John R. Meyer (Brookings Institution, 1999), ch. 3.

43. T. H. Oum, M. W. Tretheway, and W. G. Waters II, ‘Concepts, Methods and Purposes of Productivity Measurement in Transportation', Transportation Research, 1992, 26A, 6, 493–505.

44. S. R. Jara-Díaz and L. Basso, ‘Transport Cost Functions, Network Expansion and Economies of Scope’, Transportation Research, 2003, 39E, 269–86.

45. D. W. Caves et al., ‘Network Effects and the Measurement of Returns to Scale and Density for US Railroads, in A. F. Daughety (ed.), Analytical Studies in Transport Economics (Cambridge University Press, 1985), pp. 97–120.

46. J. Brueckner and P. T. Spiller, ‘Economies of Traffic Density in the Deregulated Airline Industry’, Journal of Law and Economics, 1994, 37, 379–415.

47. M. Kim and A. Sachish, ‘The Structure of Production, Technical Change and Productivity in a Port’, Journal of Industrial Economics, 1986, 35, 209–23.

Volume IV


48. O. E. Williamson, ‘Peak Load Pricing and Optimal Capacity under Indivisibility Constraints’, American Economic Review, 1966, 56, 4, 810–27.

49. C. Winston, ‘Efficient Transportation Infrastructure Policy’, Journal of Economic Perspectives, 1991, 5, 1, 113–27.

50. Bent Flyvbjerg, Mette K. Skamris Holm, and Søren L. Buhl, ‘How (In)accurate are Demand Forecasts in Public Works Projects? The Case of Transportation’, Journal of the American Planning Association, 2005, 71, 2, 131–46.

51. D. A. Hensher and D. Chung, ‘Road Infrastructure and Institutional Reform: Tolling and Pricing’, in Matthias Finger and Rolf Künneke (eds.), International Handbook for the Liberalization of Infrastructures (Edward Elgar, 2010).

Pricing, Subsidy, and Funding

52. Kenneth A. Small and Clifford Winston, ‘Efficient Pricing and Investment Solutions to Highway Infrastructure Needs’, American Economic Review, Papers and Proceedings, 1986, 76, 165–9.

53. H. Mohring, ‘Optimization and Scale Economies in Urban Bus Transportation’, American Economic Review, 1972, 62, 591–604.

54. E. T. Verhoef, P. Nijkamp, and P. Rietveld, ‘Second-Best Congestion Pricing: The Case of an Untolled Alternative’, Journal of Urban Economics, 1996, 40, 3, 279–302.

55. K. E. Train, W. Davis, and M. Levine, ‘Fees and Rebates on New Vehicles: Impacts on Fuel Efficiency, Carbon Dioxide Emissions, and Consumer Surplus’, Transportation Research Part E, 1997, 33, 1, 1–13.

Congestion Charging

56. A. Downs, ‘The Law of Peak-Hour Expressway Congestion’, Traffic Quarterly, 1962, 16, 393–409.

57. A. A. Walters, ‘The Theory and Measurement of Private and Social Cost of Highway Congestion’, Econometrica, 1961, 29, 4, 676–99.

58. K. A. Small, ‘Using the Revenues from Congestion Pricing’, Transportation, 1992, 19, 359–81.

59. E. T. Verhoef and K. A. Small, ‘Product Differentiation on Roads: Constrained Congestion Pricing with Heterogeneous Users’, Journal of Transport Economics and Policy, 2004, 38, 127–56.

60. D. Newbery, ‘Pricing and Congestion: Economic Principles Relevant to Pricing Roads’, Oxford Review of Economic Policy, 1990, 6, 2, 22–38.

61. P. B. Goodwin, ‘The Rule of Three: A Possible Solution to the Political Problem of Competing Objectives for Road Pricing’, Traffic Engineering and Control, 1989, 30, 10, 495–7.

62. I. W. H. Parry, ‘Pricing Urban Congestion’, Annual Review of Resource Economics, 2009, 1, 461–84.


63. I. W. H. Parry and K. A. Small, ‘Should Urban Transit Subsidies Be Reduced?’, American Economic Review, 2009, 99, 3, 700–24.

Economic Appraisal

64. C. A. Nash, D. W. Pearce, and J. K. Stanley, ‘An Evaluation of Cost-Benefit-Analysis Criteria’, Scottish Journal of Political Economy, 1975, 121–34.

65. A. J. Venables, ‘Evaluating Urban Transport Improvements: Cost Benefit Analysis in the Presence of Agglomeration and Income Taxation’, Journal of Transport Economics and Policy, 2007, 41, 2, 173–88.

66. Kenneth A. Small and Harvey S. Rosen, ‘Applied Welfare Economics with Discrete Choice Models’, Econometrica, 1981, 49, 1, 105–30.

67. D. A. Hensher and P. B. Goodwin, ‘Using Values of Travel Time Savings for Toll Roads: Avoiding Some Common Errors’, Transport Policy, 2004, 11, 2, 171–81.

68. R. O. Goss, ‘Towards an Economic Appraisal of Port Investments’, Journal of Transport Economics and Policy, 1967, 1, 3, 249–72.

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