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宏观经济学Workshop：On (Un)Congested Roads: A Quantitative Analysis of Infrastructure Investment Efficiency using Truck GPS Data
发布日期：2023-05-15 12:00 来源：
时间：2023年5月15日（周一）10：00-11：30
地点：承泽园131教室
主讲人：Zheng (Michael) SONG Chinese University of Hong Kong
摘要：
This study aims to quantify the gains from investments in a transportation network, where the elasticity of driving time to traffic (“congestion elasticity”) may differ across roads. We use high-frequency GPS data from half a million Chinese trucks to measure traffic flow and uncover the congestion elasticity heterogeneity in China’s city-to-city road links. We find that 34% of the links are uncongested and 28% are associated with a small elasticity. In contrast, using real-time traffic data for highways in England, we find that almost all are associated with a large congestion elasticity. We next incorporate congestion elasticity heterogeneity into a quantitative general equilibrium trade model with optimal route choices and structurally estimate the model. We find the returns to be highly unequal in China, and the heterogeneity in congestion elasticity can account for more than half of the dispersion. Our findings suggest a severe misallocation of road investments in China.
主讲人简介：
Zheng (Michael) SONG is Wei Lun Professor of Economics and the Department Head at the Department of Economics, Chinese University of Hong Kong (CUHK), a Co-Director of CUHK-Tsinghua Joint Research Center for Chinese Economy, a Co-Director of CUHK-Zhejiang University Joint Research Center for Digital Economy, a Distinguished Visiting Professor at Tsinghua University and Zhejiang University, and special-term professor at Peking University.
His research focuses on Chinese economy and macroeconomics. His papers were published by leading academic journals including American Economic Review, Econometrica and Journal of Political Economy. He won Sunyefang Economic Science Award in 2013. He is an Associate Editor of Econometrica, Review of Finance and was a Co-Editor of China Economic Review. He sits on a number of academic advisory boards such as China’s Economics Foundation and Hong Kong Institute for Monetary and Financial Research. He is also a Currency Board Committee member of the Hong Kong Exchange Fund Advisory Committee.
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宏观经济学Workshop：On (Un)Congested Roads: A Quantitative Analysis of Infrastructure Investment Efficiency using Truck GPS Data
发布日期：2023-05-15 12:00 来源：
时间：2023年5月15日（周一）10：00-11：30
地点：承泽园131教室
主讲人：Zheng (Michael) SONG Chinese University of Hong Kong
摘要：
This study aims to quantify the gains from investments in a transportation network, where the elasticity of driving time to traffic (“congestion elasticity”) may differ across roads. We use high-frequency GPS data from half a million Chinese trucks to measure traffic flow and uncover the congestion elasticity heterogeneity in China’s city-to-city road links. We find that 34% of the links are uncongested and 28% are associated with a small elasticity. In contrast, using real-time traffic data for highways in England, we find that almost all are associated with a large congestion elasticity. We next incorporate congestion elasticity heterogeneity into a quantitative general equilibrium trade model with optimal route choices and structurally estimate the model. We find the returns to be highly unequal in China, and the heterogeneity in congestion elasticity can account for more than half of the dispersion. Our findings suggest a severe misallocation of road investments in China.
主讲人简介：
Zheng (Michael) SONG is Wei Lun Professor of Economics and the Department Head at the Department of Economics, Chinese University of Hong Kong (CUHK), a Co-Director of CUHK-Tsinghua Joint Research Center for Chinese Economy, a Co-Director of CUHK-Zhejiang University Joint Research Center for Digital Economy, a Distinguished Visiting Professor at Tsinghua University and Zhejiang University, and special-term professor at Peking University.
His research focuses on Chinese economy and macroeconomics. His papers were published by leading academic journals including American Economic Review, Econometrica and Journal of Political Economy. He won Sunyefang Economic Science Award in 2013. He is an Associate Editor of Econometrica, Review of Finance and was a Co-Editor of China Economic Review. He sits on a number of academic advisory boards such as China’s Economics Foundation and Hong Kong Institute for Monetary and Financial Research. He is also a Currency Board Committee member of the Hong Kong Exchange Fund Advisory Committee.
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