Big Data and Innovations In Urban Mobility
Tuesday, Jan. 5, 2021 10:00 AM - 12:00 PM (EST)
- Chair: Andrew Waxman, University of Texas-Austin
Our Uber Has Arrived: Ridesharing and the Redistribution of Economic Activity
AbstractThis paper studies how improvements in local accessibility influence cities' distributions of economic activity. Exploiting UberX's entry interacted with a location's prior accessibility, I measure how local economic activity responds to changes in access. After ridesharing's entry, restaurant net creation doubles in previously inaccessible locations, from 5% to 10%. As these areas open up and become more attractive, the median house price rises by 4% and rents rise by 1%. I quantify the impacts of these changes on welfare using a spatial equilibrium framework. Resident welfare depends on the trade-off between accessibility and amenity benefits versus housing costs. In the post-period, all residents benefit from ridesharing's entry. Homeowners are willing to pay $1,060 per year for ridesharing's entry, as user costs fall. Renters are willing to pay $430, as they do not realize capital gains.
Life in the Slow Lane: Unintended Consequences of Public Transit in Jakarta
AbstractWe use detailed trip-level data between 2002 and 2010 to study how TransJakarta, one of the world's largest BRT systems, affected commuting in Jakarta, Indonesia. Using planned lines that were not built by 2010, we identify the impact of station proximity on commuting. We find that proximity neither reduced vehicle ownership nor travel times. Instead, the BRT exacerbated congestion along service corridors. To uncover mechanisms behind low ridership, we estimate an equilibrium model of commuting choices with endogenous commuting times. Counterfactual simulations indicate that implementation improvements, including faster buses and a larger network, would have significantly increased BRT demand.
The Value of Urgency
AbstractNeoclassical microeconomic theory postulates that the value of time is a fraction of an individual’s hourly wage. When taken to the marketplace, however, this value appears to depart from theoretical predictions. To reconcile them, we conceptualize the value of urgency, which reflects penalties for lateness. Observing users repeatedly entering tolled lanes in freeways, we estimate individual hedonic price functions, and show that the value of urgency accounts for 87 percent of total willingness-to-pay for time savings. We document how traditional approaches for cost-benefit analysis fail to detect this benefit, underestimating the true value projects deliver to a large number of individuals.
- R4 - Transportation Economics
- L9 - Industry Studies: Transportation and Utilities