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http://dx.doi.org/10.7470/jkst.2015.33.6.520

An Estimation of the Congestion Tolls Considering External Costs in Seoul  

PARK, Chanwoon (Dept. of Environmental Planning, Graduate School of Environmental Studies, Seoul National University)
KIM, Sungsoo (Dept. of Environmental Planning, Graduate School of Environmental Studies, Seoul National University)
Publication Information
Journal of Korean Society of Transportation / v.33, no.6, 2015 , pp. 520-530 More about this Journal
Abstract
This paper formulates the methodologies to estimate optimal congestion tolls from long-run and short-run perspectives and applies them to the highways of Seoul. An optimal long-run congestion toll is estimated with an optimal volume-capacity-ratio to minimize the total costs which consist of two components: road construction and maintenance costs and traveler costs. By contrast, an optimal short-run congestion toll is estimated with a supply-demand equilibrium which is determined by using a speed-flow function and a disaggregate modal choice model. The results of a long-run analysis for the Seobu urban expressway suggest the optimal volume-capacity-ratio of 1.35 and the optimal congestion toll of 503 Won per automobile kilometer. By contrast, those of a short-run analysis for the Mia-ro urban arterial suggest 1.31 and 420 Won, respectively. Although our results are to some degree dependent on the interest rate and time value assumed, one basic conclusion holds up: the congestions toll tested could generate substantial gains in social welfare if applied to Seoul.
Keywords
congestion tolls; external costs; long/short-run analysis; social welfare maximization; Seoul;
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