Demand Elasticities for Highway Travel
نویسنده
چکیده
An elasticity summarizes a large amount of information in a single number. Levels and distribution of incomes, price levels of the specific good and of substitute and complementary goods, preferences and tastes, transaction costs, etc., can, ceteris paribus, affect the measured value of any particular demand-price elasticity. The elasticity concept normalizes for the measurement scales (e.g., pounds or kilograms, dollars or pesos) and price levels (to the degree that the demand curve is constant elasticity), but other factors are ignored or implicitly averaged. Although the price elasticity of travel demand is frequently mentioned in discussion, there is no direct empirical measurement of elasticity with respect to the price of highway travel, and there are several alternatives about even what that price consists of.
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