Should Urban Transit Subsidies Be Reduced?
推导了高峰和非高峰时段铁路与公交票价调整的福利效应公式，并应用于华盛顿、洛杉矶和伦敦，发现即使票价仅为运营成本的50%，进一步降价在几乎所有情况下都能改善福利，支持现有高额补贴的效率。
This paper derives empirically tractable formulas for the welfare effects of fare adjustments in passenger peak and off-peak rail and bus transit, and for optimal pricing of those services. The formulas account for congestion, pollution, accident externalities, scale economies, and agency adjustment of transit service offerings. We apply them using parameter values for Washington (DC), Los Angeles, and London. The results support the efficiency of the large current fare subsidies; even starting with fares at 50 percent of operating costs, incremental fare reductions are welfare improving in almost all cases. These findings are robust to alternative assumptions and parameters.