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Economic externalities is a contentious issue in transport. One side, reflected by the data below, attempts to establish prices to estimate impacts of the automobile that they believe are not sufficiently quantified by the economic system. The other side, which includes The Public Purpose generally opposes any attempt to establish policies based upon administratively or academically estimated prices, since, as Nobel Laureate Frederik Hayek put it, the market price cannot be known outside of the market. |
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EXTERNAL COSTS AND SUBSIDIES |
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Based Upon Estimates by Mark Delucci |
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Mode |
Low Estimate |
High Estimate |
Average |
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Automobile |
$0.031 |
$0.155 |
$0.043 |
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Bus |
$0.330 |
$0.570 |
$0.400 |
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Light Rail |
$0.270 |
$1.090 |
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Metro |
$0.170 |
$0.530 |
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Overall Public Transport |
$0.265 |
$0.556 |
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Per Person Mile (USA) |
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Compared to the Automobile |
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Automobile |
1.00 |
1.00 |
1.00 |
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Bus |
10.56 |
3.68 |
9.28 |
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Light Rail |
8.64 |
7.03 |
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Metro |
5.44 |
3.42 |
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Overall Public Transport |
8.48 |
3.59 |
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Calculated from Mark Delucci, "Should We Try to Get the Prices Right." |
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http://www.uctc.net/access/access16.pdf |
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Automobile passenger mile data calculated at national average of 1.6 vehicle occupancy |
