Effectiveness and Acceptability of Congestion Pricing
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Urban congestion is a pervasive and growing problem in developed and developing countries. The lack of excludability for scarce urban space, specifically roads and parking spaces, creates a common resource problem yielding a congestion externality that generates many external costs. Marginal social cost pricing has long been advocated as a means of alleviating market failures resulting from such negative (environmental) externalities. Congestion pricing comes in numerous forms (e.g., tolls on roads or express lanes), but has only been sporadically adopted despite congestion being a growing ...