Congestion Options: A Market Solution to Congestion Externalities

阻塞期权：一种基于市场的阻塞外部性解决方案。Friesz和Tao Yao宾夕法尼亚州立大学在这个项目中，我们研究了创建可以买卖的拥堵权的想法，就像现在可以交易的空气污染权一样。通过建立一个拥堵市场，人们希望拥堵能够得到控制和缓解。我们工作的主要重点是拥堵证券，特别是拥堵选项？它们是允许人们购买或出售在传输、数据或语音网络上发起引起交易的移动或流的机会的合同。虽然大都市道路网络上的客运汽车交通是本研究的主要焦点，我们也将探讨阻塞选项对城市物流和电信的影响。我们在研究拥堵选项的主要工具将是基于计算机的期权定价模型，该模型由纽约、波士顿或华盛顿等密集城市环境中的车辆交通和信息流提供信息。这些模型将被指示考虑城市居民、通勤者或游客在乘坐出租车、开车去看牙医、发送包裹或通过PDA交换信息时可能经历的情况。通过这种方式，我们将收集描述拥堵选项和拥堵权市场影响的综合数据。这些数据将被分析，以确定拥堵选项的金融，经济和社会影响。这项研究将提供基础设施工程社区的案例研究，教学辅助工具和软件，用于教学本科生和研究生如何构建和分析市场的拥堵权。它还将提供材料，让公众了解拥堵选择和拥堵市场在缓解现代最大的社会问题之一，即拥堵方面的潜在作用。如果成功的话，这项研究可能会建立拥堵证券作为一个新的专业领域内的金融工程，有可能从字面上改变人们如何通勤，远程办公和雇用货运服务在城市环境中严重拥堵。此外，我们的研究将阐明如何拥挤的选择可能被用来促进社会正义的穷人时，拥挤推他们的工作越来越远，从他们的居住地，使通勤的公共交通工具令人望而却步的时间消耗。特别是，我们将展示如何拥堵选项可能会被写入，以确保支付给这些群体时，拥堵创造了一个站不住脚的通勤环境。

AbstractCongestion Options, A Market Based Solution to Congestion ExternalitiesTerry L. Friesz and Tao YaoPennsylvania State UniversityIn this project we study the idea of creating congestion rights that may be bought and sold, much as air pollution rights can now be traded. By creating a market for congestion, it is hoped that congestion can be tamed and mitigated. The main focus of our work is congestion securities, especially congestion options ? which are contracts that allow one to buy or sell the opportunity to initiate congestion-inducing movement or flow over a transport, data or voice network. Although passenger automobile traffic on metropolitan road networks is the principal focus of this research, we will also explore the impact of congestion options on urban logistics and telecommunications. Our principal tool in the study of congestion options will be computer-based models of option pricing informed by vehicular traffic and message flows in a dense urban setting, such as New York, Boston or Washington. These models will be instructed to consider circumstances like those a city dweller, commuter or tourist might experience in taking a taxi, driving to a dental appointment, sending a package or exchanging information via a PDA. In this way we will gather synthetic data describing the impacts of congestion options and markets for congestion rights. That data will be analyzed to determine the financial, economic and social implications of congestion options.This research will provide the infrastructure engineering community with case studies, instructional aids and software useful for teaching undergraduate and graduate students how to construct and analyze markets for congestion rights. It will also provide material for informing the general public about the potential role of congestion options and congestion markets in alleviating one of the great social problems of the modern age, namely congestion. If successful, this research may establish congestion securities as a new field of specialization within financial engineering that has the potential to literally change how people commute, telecommute and employ freight services in urban environments with substantial congestion. Additionally, our research will illuminate how congestion options may be used to promote social justice for the poor when congestion pushes their jobs farther and farther from their places of residence and makes commuting by public transit prohibitively time consuming. In particular, we will show how congestion options may be written assuring payments to such groups when congestion creates an untenable commuting environment for them.