Journal
JOURNAL OF URBAN ECONOMICS
Volume 89, Issue -, Pages 62-73Publisher
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.jue.2015.06.005
Keywords
Road pricing; Traffic policy; Air pollution
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Exploiting the natural experiment created by an unanticipated court injunction, we evaluate driver responses to road pricing. We find evidence of intertemporal substitution toward unpriced times and spatial substitution toward unpriced roads. The effect on traffic volume varies with public transit availability. Net of these responses, Milan's pricing policy reduces air pollution substantially, generating large welfare gains. In addition, we use long-run policy changes to estimate price elasticities. (C) 2015 Elsevier Inc. All rights reserved.
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