Transportation Economics

"Transport economics is a branch of economics founded in 1959 by American economist John R. Meyer."

"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."