| Tianliang Liu
Post Doctor, School of Economics and Management, Tsinghua University
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【主题】Pricing and Capacity Choice on a Toll Road with Capacity Degradation
【时间】2008-9-910:30
【地点】清华经管学院 伟伦楼453
【语言】中文
【内容摘要】
Stochastic link capacity degradations impacting the operator’s investment decision are common in our day-to-day travel because of incidents, bad weather or other non-recurrent factors. This paper studies both toll and capacity choice on a congested road with stochastic capacity under the expected profit maximization and social optimum, respectively. The classic self-financing theorem is first proved to still hold when road capacity is subject to stochastic variations. Next, using the comparative static analysis, we find that the comparative relations between equilibrium solutions, for different optimal models or road states, strongly depend on the specific characteristics of the link time function and the marginal benefit function of an additional trip. Finally, two extensions, i.e., no information of stochastic degeneration and uniform toll cases, are further discussed in detail. |
