"Transport economics is a branch of economics founded in 1959 by American economist John R. Meyer."
Study of the economic principles underlying transportation planning and policy, including cost-benefit analysis, pricing strategies, and market analysis.
"Transport economics deals with the allocation of resources within the transport sector."
"It has strong links to civil engineering."
"People and goods flow over networks at certain speeds. Demands peak. Advance ticket purchase is often induced by lower fares."
"The networks themselves may or may not be competitive."
"The complications of network effects and 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 (discrete choice models)."
"A Nobel Prize for Daniel McFadden."
"Demand can be measured in the number of journeys made or in the 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 (i.e. capacity) are of particular interest in transport economics (see induced demand), as the potential environmental consequences are significant."
"Externalities."
"People and goods flow over networks at certain speeds."
"Advance ticket purchase is often induced by lower fares."
"The networks themselves may or may not be competitive."
"A single trip (the final good, in the consumer's eyes) may require the bundling of services provided by several firms, agencies, and modes."
"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."
"Passenger-kilometers."
"Vehicle-kilometers of travel (VKT) for private transport."