"Transport economics is a branch of economics founded in 1959 by American economist John R. Meyer."
An overview of the factors that affect the demand and supply of transportation services and the role of prices in equilibrating supply and demand in transportation markets.
Introduction to Transportation Economics: Understanding the key concepts and principles of transportation economics and the role of demand and supply in transportation.
Demand in Transportation: Understanding the factors that influence demand for transportation services and how to measure and forecast demand.
Supply in Transportation: Understanding the factors that influence supply of transportation services and how to measure and forecast supply.
Market Equilibrium: Understanding the concept of market equilibrium and how it is achieved in transportation markets.
Elasticity of Demand: Understanding the concept of elasticity of demand and how it affects the responsiveness of demand to changes in price and other factors.
Elasticity of Supply: Understanding the concept of elasticity of supply and how it affects the responsiveness of supply to changes in price and other factors.
Price Discrimination: Understanding the concept of price discrimination and how it can be used to increase profits in transportation markets.
Price Elasticity of Demand: Understanding the concept of price elasticity of demand and how it affects pricing decisions in transportation markets.
Marginal Analysis: Understanding the concept of marginal analysis and how it can be used to optimize pricing and output decisions in transportation markets.
Network Effects: Understanding the concept of network effects and how they impact demand and supply in transportation markets.
Congestion Pricing: Understanding the concept of congestion pricing and its use in managing traffic congestion and improving transportation efficiency.
Externalities in Transportation: Understanding the various externalities associated with transportation activities and how they impact transportation markets and policy decisions.
Urban Transportation: Understanding the unique challenges and opportunities posed by urban transportation and the different policies and strategies that can be used to address them.
Transportation Policy: Understanding the role of government in transportation policy and the different policy tools that can be used to influence transportation markets and outcomes.
Elasticity of Demand: Elasticity of demand is a measure of the responsiveness of the quantity demanded to changes in price or other determinants of demand. A high degree of elasticity means that a small change in the price or other determinants of demand will have a large effect on the quantity demanded.
Cross Elasticity of Demand: Cross-elasticity of demand measures the responsiveness of the quantity demanded of one good or service to a change in the price of another good or service. It is used to measure the degree to which two goods are substitutes or complements.
Income Elasticity of Demand: Income elasticity of demand measures the responsiveness of the quantity demanded to changes in income. It is used to measure the degree to which a good is a normal or an inferior good.
Marginal Cost Analysis: Marginal cost is the additional cost of producing one more unit of a good or service. Marginal cost analysis is used to determine the optimal level of production for a firm.
Supply and Demand Equilibrium analysis: The supply and demand equilibrium is the point where the quantity supplied equals the quantity demanded. It is used to determine the market price of a good or service.
Price Discrimination: Price discrimination is the practice of charging different prices for the same good or service based on the buyer's willingness to pay. It is often used in transportation to charge higher prices during peak travel times.
Congestion pricing: Congestion pricing is a strategy used to reduce traffic congestion by charging higher tolls during peak traffic hours. It is designed to discourage travel during peak periods and encourage off-peak travel.
Network Design and Analysis: Network design and analysis are used to determine the optimal configuration of a transportation network. It is used to minimize travel time, reduce congestion, and improve efficiency.
Mode Choice Analysis: Mode choice analysis is used to determine the mode of transportation that is most efficient and cost-effective for a particular trip. It is used to compare the cost, time, and convenience of different transportation modes.
Time-of-Day Analysis: Time-of-day analysis is used to determine the travel demand patterns during different times of the day. It is used to develop transportation policies, such as peak-hour restrictions and variable tolls.
"Transport economics deals with the allocation of resources within the transport sector."
"Transport economics differs in that the assumption of a spaceless, instantaneous economy does not hold."
"The complications of network effects and choices between dissimilar goods make estimating the demand for transportation facilities difficult."
"The development of models to estimate the likely choices between the goods involved in transport decisions led to the development of an important branch of econometrics."
"Demand can be measured in number of journeys made or in total distance traveled across all journeys."
"Supply is considered to be a measure of capacity."
"The price of the good (travel) is measured using the generalised cost of travel, which includes both money and time expenditure."
"The effect of increases in supply are of particular interest in transport economics, as the potential environmental consequences are significant."
"Transport economics has strong links to civil engineering."
"Advance ticket purchase is often induced by lower fares."
"A single trip may require the bundling of services provided by several firms, agencies and modes."
"People and goods flow over networks at certain speeds."
"The networks themselves may or may not be competitive."
"Passenger-kilometers for public transport or vehicle-kilometers of travel (VKT) for private transport."
"The demand for transportation goods involves choices between dissimilar goods (e.g. car and bus travel)."
"The development of models to estimate the likely choices between the goods involved in transport decisions led to the development of an important branch of econometrics."
"The potential environmental consequences are significant."
"Demands peak."
"Daniel McFadden won a Nobel Prize for his work on discrete choice models in transport economics."