Transportation Benefit Measurement under the Second Best Economy

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This research showed followings among others :(1)Transportation benefit under the core-periphery model with market distortion and multiple equilibriums can be measured by the consumer's surplus of artificial demand functions which is derived from the symmetric equilibrium.(2)The total value of environmental quality can be expressed by additive separation of direct use value, indirect use vale and non-use value, which can be measured respectively by the observable revealed preference data.(3)Pricing 'real option' in an incomplete market which bridges the gap between arbitrage -free pricing and utility maximization analysis is formulated by a two person dynamic stochastic game, and which can be applicable to the transportation investment with the uncertainty.(4)A CGE which incorporates dynamic features of the car industry and behavior of car purchasing and using was developed for evaluation of welfare loss of introducing car related carbon tax.(5)Road investment criteria under FAR regulations are investigated. If FAR is optimally regulated, then road benefit be measured by consumers' surplus under the first best economy. Otherwise it should be measured the change in DWL due to the suboptimal regulation, which can be measured by the change in marginal cost of FAR.