Highway Capital Expenditures and Induced Vehicle Travel

Sisinnio Concas
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引用次数: 2

Abstract

The authors investigate the effects of public capital investment on the demand for travel. They define capital stock as a productive flow that accounts for the physical deterioration of infrastructure over time. They present a framework where additions to capital stock only cover a portion of the long-run equilibrium level, and where policy decisions are dictated by expectations of economic and travel growth. To the extent that these investments increase productivity, they generate induced travel. Using a panel dataset at the state level for the period 1982-2005, the authors find that the elasticity of travel demand with respect to changes in state highway capital stock is equal to 0.041in the short run, while the long-run is 0.237. The results show that changes in capital expenditures in response to past levels of traffic are characterized by a three-year lag, suggesting that the investment response to changes in travel is slow to converge to the desired long-run levels.
公路资本支出和诱导车辆出行
作者研究了公共资本投资对旅游需求的影响。他们将资本存量定义为一种生产性流动,这种流动可以解释基础设施随着时间的推移而发生的实际恶化。他们提出了一个框架,在这个框架中,资本存量的增加只覆盖了长期均衡水平的一部分,政策决定是由经济和旅游业增长的预期决定的。在某种程度上,这些投资提高了生产率,它们产生了诱导旅行。使用1982-2005年州一级的面板数据集,作者发现,相对于州公路资本存量的变化,旅行需求的弹性在短期内等于0.041,而长期为0.237。结果表明,资本支出对过去交通水平的响应具有三年滞后的特征,这表明投资对交通变化的响应缓慢地收敛到期望的长期水平。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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