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The Ramsey Problem for Congestible Facilities

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Author Info
Richard Arnott
Marvin Kraus

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Abstract

In recent years, a new set of models drawing on Vickrey [1969] has been developed to analyze the economics of congestible facilities. These models are structural in that they derive the cost function from consumers' time-of-use decisions and the congestion technology. Standard models, in contrast, simply assume the general form of the cost function. We apply the new approach to analyze the Ramsey problem for a congestible facility, and show that the solution generally entails cost inefficiency. Standard models have failed to reveal this result because they treat the cost function as completely determined by technology.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Technical Working Papers with number 0084.

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Date of creation: May 1994
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Handle: RePEc:nbr:nberte:0084

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Braid, Ralph M., 1989. "Uniform versus peak-load pricing of a bottleneck with elastic demand," Journal of Urban Economics, Elsevier, vol. 26(3), pages 320-327, November. [Downloadable!] (restricted)
  2. Mohring, Herbert, 1970. "The Peak Load Problem with Increasing Returns and Pricing Constraints," American Economic Review, American Economic Association, vol. 60(4), pages 693-705, September. [Downloadable!] (restricted)
  3. Richard Arnott & Andre de Palma & Robin Lindsey, 1987. "Bottleneck Congestion with Elastic Demand," Working Papers 690, Queen's University, Department of Economics.
  4. Alan J. Auerbach, 1986. "The Theory of Excess Burden and Optimal Taxation," NBER Working Papers 1025, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Guesnerie, R., 1980. "Second-best pricing rules in the Boiteux tradition : Derivation, review and discussion," Journal of Public Economics, Elsevier, vol. 13(1), pages 51-80, February. [Downloadable!] (restricted)
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  6. Baumol, William J & Bradford, David F, 1970. "Optimal Departures from Marginal Cost Pricing," American Economic Review, American Economic Association, vol. 60(3), pages 265-83, June. [Downloadable!] (restricted)
  7. Martin L. Weitzman, 1977. "Is the Price System or Rationing More Effective in Getting a Commodity to Those Who Need It Most?," Bell Journal of Economics, The RAND Corporation, vol. 8(2), pages 517-524, Autumn. [Downloadable!] (restricted)
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  8. Vickrey, William S, 1969. "Congestion Theory and Transport Investment," American Economic Review, American Economic Association, vol. 59(2), pages 251-60, May. [Downloadable!] (restricted)
  9. Sam Bucovetsky, 1984. "On the Use of Distributional Waits," Canadian Journal of Economics, Canadian Economics Association, vol. 17(4), pages 699-717, November. [Downloadable!] (restricted)
  10. Greenwald, Bruce C & Stiglitz, Joseph E, 1986. "Externalities in Economies with Imperfect Information and Incomplete Markets," The Quarterly Journal of Economics, MIT Press, vol. 101(2), pages 229-64, May. [Downloadable!] (restricted)
  11. Small, Kenneth A, 1982. "The Scheduling of Consumer Activities: Work Trips," American Economic Review, American Economic Association, vol. 72(3), pages 467-79, June. [Downloadable!] (restricted)
  12. Richard Arnott, 1986. "Information and Time-Of-Use Decisions in Stochastically Congestable Facilities," Discussion Papers 788, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  13. Guesnerie, Roger & Roberts, Kevin, 1984. "Effective Policy Tools and Quantity Controls," Econometrica, Econometric Society, vol. 52(1), pages 59-86, January. [Downloadable!] (restricted)
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  14. Smith, M. J., 1983. "The existence and calculation of traffic equilibria," Transportation Research Part B: Methodological, Elsevier, vol. 17(4), pages 291-303, August. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Emanuela Randon, . "Measuring Nash Equilibrium Consumption Externalities," Discussion Papers 04/08, Department of Economics, University of York. [Downloadable!]
  2. Richard Arnott & Marvin Kraus, 1995. "Self-Financing of Congestible Facilities in a Growing Economy," Boston College Working Papers in Economics 304., Boston College Department of Economics. [Downloadable!]
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