Preliminary Results of the London Congestion Charging Scheme
- 1 October 2004
- journal article
- Published by SAGE Publications in Public Works Management & Policy
- Vol. 9 (2) , 164-181
- https://doi.org/10.1177/1087724x04268569
Abstract
On February 17, 2003, the London Congestion Charging Scheme came into effect. Preliminary results show a significant response to the £5 (U.S. $8) charge. Congestion over the first year decreased by 30%. Overall traffic levels within the charging zone fell by 16%. Speeds for car travel increased by more than 20%, and bus travel became more reliable. Elasticities of demand for trips by car with respect to generalized costs are estimated to be between –1.32 and –2.10. The average marginal congestion cost within the central zone is estimated at £1.65/vehicle-km (approximatelyU.S. $2.58/vehicle-km). The net economic benefits of the Scheme for the first year were £50 million (U.S. $78 million) and the net revenues, £68 million (U.S. $106 million). Net revenues are mainly being used to improve public transport.Keywords
This publication has 7 references indexed in Scilit:
- The optimal cordon-based network congestion pricing problemTransportation Research Part B: Methodological, 2004
- A Genetic Algorithm Based Approach to Optimal Toll Level and Location ProblemsNetworks and Spatial Economics, 2004
- Second-best congestion pricing in general networks. Heuristic algorithms for finding second-best optimal toll levels and toll pointsTransportation Research Part B: Methodological, 2002
- The impact of cordon design on the performance of road pricing schemesTransport Policy, 2002
- PRICING AND CONGESTION: ECONOMIC PRINCIPLES RELEVANT TO PRICING ROADSOxford Review of Economic Policy, 1990
- The Tragedy of the CommonsScience, 1968
- The Theory and Measurement of Private and Social Cost of Highway CongestionEconometrica, 1961