How can we optimise our roads so that they are not congested or impacting our health?
In this Centre for Market Design Seminar, Professor Peter Cramton will present the design of a market for road use which efficiently schedules, routes, and prices the use of roads.
Through employing advances in mobile communications and computer technology, Professor Cramton will share a design where road use is dynamically priced by marginal demand during constrained times and locations. In unconstrained times and locations, a nominal fee is paid for road use to recover costs, that can contribute to modernising ageing infrastructure.
Under this model, transport is scheduled based on forward prices and then routed in real time based on real time road use prices.
With congestion becoming an issue for many on a daily basis and the recent Federal Government announcement regarding an impending inquiry into how road funding is designed, Professor Cramton will also provide insight on overcoming policy and implementation challenges that we face in Australia today.
Join us at the University of Melbourne for Professor Cramton’s presentation, a light lunch prior to the presentation and an insightful Q&A session.
You can register here for the Seminar.
Peter Cramton is Professor of Economics at the University of Cologne and the University of Maryland. Since 1983, he has conducted research on auction theory and practice. Applications of this work can been seen across communications, electricity, and financial markets. On the practical side, Peter is an independent director on the board of the Electric Reliability Council of Texas, an advisor and chief economist to several companies and has advised 13 governments and 41 bidders regarding spectrum auctions.