Transportation, Knowledge and Space in Urban and Regional Economics
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Transportation, Knowledge and Space in Urban and Regional Economics

Edited by Kakuya Matsushima and William P. Anderson

This collection of 16 original research chapters by international scholars addresses the complementary roles of transportation and knowledge and their spatial manifestations in modern urban and regional economies. The authors provide research from North America, Europe and Asia. While the studies employ sophisticated methods and theory, there is a strong element of practical applications and policy implications in each chapter as well. This book will be of interest to communities of research and practice in urban and regional economics and planning, regional science and economic geography, transportation research, planning and management and the knowledge economy.
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Chapter 4: Modeling transportation in general equilibrium

Gautam Ray

Abstract

Departing from conventional approaches in modeling transportation, this chapter captures transportation’s direct utility and external effects, and develops general equilibrium models of transportation for aggregate economies. The basic model determines the optimal level of transport infrastructure capital and its tax-price for an economy exhibiting constant returns to scale technology. This model framework is extended to two models for economies exhibiting increasing returns to scale. While the planning equilibria are optimal in these models as in the basic model, the decentralized market equilibria are sub-optimal. Some results of the basic model framework relevant to transportation planning and policy are discussed.

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