"Price Elasticity of Road Demand - Evidence from the Port Authority of New York and New Jersey" - Richard De Thorpe
The Port Authority of New York and New Jersey manages two tunnels and four bridges connecting New York City and New Jersey. The agency sets tolls at all six crossings identically based on vehicle type, time of day, and form of payment. The agency also implements its irregular toll increases equally and at the same time for all crossings. I examine monthly traffic levels before and after toll increases in an event study framework. Using these, I can calculate the elasticity of demand, broken down by crossing and vehicle type. Preliminary results show a precisely estimated $0$ effect of toll hikes on usage. In a later extension, I will examine whether this affects traffic congestion by pushing people toward alternative crossings or public transit alternatives.
"Local Economy and Historic Incarceration" - Jing Wu