The Value of Urgency: Evidence from Real-Time Congestion Pricing

Previously circulated as “Avoiding Traffic Congestion Externalities? The Value of Urgency.” The authors thank Lawrence Goulder, Edson Severnini, Lowell Taylor, and Spencer Banzhaf for helpful comments and seminar participants at NOVA SBE, Arizona State University, Carnegie Mellon University, Cornell University, John Hopkins University, Simon Fraser University, Stanford University, University of California at Davis, University of California at Irvine, University of Maryland, Penn State University, University of Texas at Austin, ZEW, the ASSA/AEA Meetings, the Annual Meetings of the Association of Environmental and Resource Economists, the World Congress of Environmental and Resource Economists, the Kraks Fond Managing Congestion Seminar, and NBER Summer Institute. Finally, we thank Stephanie Wiggins and Kathleen McCune at LA Metro for providing access to ExpressLanes transaction data and Arthur T. Degaetano for supplying us with weather data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• data appendix

• April 9, 2020