<Articles> Optimal Congestion Tax of Expressway : A. A. Walters Re-examined, P.K. Else Re-appraised, and Demand-surface paradigm Re-considered

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This　paper　will　take　a　sceptical　view　of　the　conventional　wi8dom　of　the　notion：‘‘The 土heory　of　marginal　eost　p虹cing　8ugge8ts　that　the　desirable　level　of　tramc　How　should ．always　be　kept　below　the　highway，8　capaci七y　for　tramc　fiow．，，　This　notion，　originating　with A．A．　Walters，　semina11961　article，　is　based　on　the　inte叩retation　that　the塒arginal　s㏄ial ．eost　is　infinite　when　traf覧c　fiow　reaches　the　lligllway　capaeity．　However，　this　illte叩retation is　disputable，　as　earlier　pointed　out　by　P．　K．　Else．・Challenging　the　conventional　notion，　the　paper　will　try　to　demonstrate　that　the　marginal 、s㏄ial　cost　actually　has　a　positive　constant　value　when　tra缶c　flow　is　at　the　level　of　highway capacity．　This　implies　the　existence　of　a　possible　case　that　the　optimal　tramc　How　level can　eoincide　with　the　highway　capacity． The　paper　will　also　try　to　apply　the　marginal　social　cost　pricing　principle　to　the　paradigm of　demand－surface　analysis　through　which　we　ean七heoretically　investigate　how　the　marginal social　benefit　for　highway　users　is　effected　by　the　quality　leve玉of　highway　services　which would　vary　depending　on　the　level　of　traMc　demand．　The　final　section　of　this　paper　attempts to　synthesize（1）the　approach　developed　for　reformulating　Walters，　notion　and（2）the　demand． surface　apProach　to　get　a　tiny　but　new　insight　into　the　optimal　congestion　tax　problems．
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<Articles> Optimal Congestion Tax of Expressway : A. A. Walters Re-examined, P.K. Else Re-appraised, and Demand-surface paradigm Re-considered

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