Equilibrium at a Bottleneck when Long-Run and Short-Run Scheduling Preferences diverge
Stefanie Peer () and
Erik Verhoef ()
No 13-028/VIII, Tinbergen Institute Discussion Papers from Tinbergen Institute
We consider equilibrium and optimum use of a Vickrey road bottleneck, distinguishing between long-run and short-run scheduling preferences in an otherwise stylized scheduling model. The preference structure reflects that there is a distinction between the (exogenous) 'long-run preferred arrival time', which would be relevant if consumers were unconstrained in the scheduling of their activities, versus the 'short-run preferred arrival time', which is the result of an adaptation of travel routines in the face of constraints caused by, in particular, time-varying congestion levels. We characterize the unpriced equilibrium, the social optimum as well as second-best situations where the availability of the pricing instruments is restricted. All of them imply a dispersed distribution of short-run preferred arrival times. The extent of dispersion in the unpriced equilibrium, however, is higher than socially optimal.
Keywords: bottleneck model; scheduling decisions; travel routines; long-run vs. short-run (search for similar items in EconPapers)
JEL-codes: D80 R48 R41 H21 (search for similar items in EconPapers)
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Journal Article: Equilibrium at a bottleneck when long-run and short-run scheduling preferences diverge (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:tin:wpaper:20130028
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