Title: A REVIEW OF NEW DEMAND ELASTICITIES WITH SPECIAL REFERENCE TO SHORT AND LONG RUN EFFECTS OF PRICE CHANGES
Abstract: this derives from a recognition that in many countries increased capacity cannot easily cater for the forecast rates of traffic growth, and the tools of demand management therefore have greater importance. Among these tools, use of the price mechanism is particularly important because of its contribution to generating funds for public or private expenditure, and helping markets to operate more efficiently by ensuring that the external costs of pollution and congestion are met by those who cause them. Therefore it is important for policy-making to be informed by the best available knowledge about the sensitivity of travel demand to the prices operating on it. During the 1980s, some important developments were taking place in the under standing of travel demand ? not, primarily, generated by policy interests, but in the context of empirical and theoretical studies that emphasised the broad range of behavioural responses that existed, and the complex dynamic processes of adaptation that were implied by these responses. The papers edited by Jones (1990) summarise these developments. At the same time, a very large number of elasticity studies were being carried out, with very little consistency in method or assumptions.
Publication Year: 1992
Publication Date: 1992-01-01
Language: en
Type: review
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Cited By Count: 640
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