Lecture

Equilibria in Transportation

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Description

This lecture introduces traffic flow modeling and Intelligent Transportation Systems (ITS), covering topics such as static route choice, departure time choice, equilibrium approximation, utility functions, welfare analysis, social optimum, and equilibria as useful approximations. It also discusses user equilibrium, congestion mechanisms, and strategies for steering equilibria in transportation towards more efficient outcomes.

In MOOC

Intro to Traffic Flow Modeling and Intelligent Transport Systems

Travelers in large cities experience significant congestion during their everyday trips. Expanding roads and infrastructure is not a long-lasting remedy to urban congestion. This course will focus on understanding traffic congestion and will explore ways to improve mobility through advanced traffic management schemes. As we all experience, congestion is a highly complex process without a single explanation. An interesting question is: “Can we describe these complex interactions with simple and elegant ways?

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Related concepts (32)

Welfare economics

Welfare economics is a field of economics that applies microeconomic techniques to evaluate the overall well-being (welfare) of a society. This evaluation is typically done at the economy-wide level, and attempts to assess the distribution of resources and opportunities among members of society. The principles of welfare economics are often used to inform public economics, which focuses on the ways in which government intervention can improve social welfare.

Traffic flow

In mathematics and transportation engineering, traffic flow is the study of interactions between travellers (including pedestrians, cyclists, drivers, and their vehicles) and infrastructure (including highways, signage, and traffic control devices), with the aim of understanding and developing an optimal transport network with efficient movement of traffic and minimal traffic congestion problems.

Transportation engineering

Transportation engineering or transport engineering is the application of technology and scientific principles to the planning, functional design, operation and management of facilities for any mode of transportation in order to provide for the safe, efficient, rapid, comfortable, convenient, economical, and environmentally compatible movement of people and goods transport. The planning aspects of transportation engineering relate to elements of urban planning, and involve technical forecasting decisions and political factors.

Social welfare function

In welfare economics, a social welfare function is a function that ranks social states (alternative complete descriptions of the society) as less desirable, more desirable, or indifferent for every possible pair of social states. Inputs of the function include any variables considered to affect the economic welfare of a society. In using welfare measures of persons in the society as inputs, the social welfare function is individualistic in form.

Pricing

Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan. In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and quality of product. Pricing is a fundamental aspect of product management and is one of the four Ps of the marketing mix, the other three aspects being product, promotion, and place.

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