The independence of volume-capacity ratio of private toll roads in general networks |
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Authors: | Di WuYafeng Yin Hai Yang |
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Institution: | a Department of Civil and Coastal Engineering, University of Florida, Gainesville, FL 32611, United States b Department of Civil and Environmental Engineering, The Hong Kong University of Science and Technology, Clear Water Bay, Kowloon, Hong Kong, PR China |
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Abstract: | In a general traffic network under some widely used assumptions, this paper proves that the level of service, represented by the volume-capacity (v/c) ratio, offered by a profit-maximizing private firm on a private toll road is independent of another competitor’s choice of capacity and toll rate for another private toll road. The v/c ratio will be the same as the one provided by a centralized welfare-maximizing traffic authority. Moreover, the ratio remains the same even in a regulated market where the authority imposes a cap for the generalized travel cost on the private toll road. |
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Keywords: | Private toll road General networks Volume-capacity ratio Profit maximization and social welfare maximization |
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