Efficiency and Equity Impacts of Urban Transportation Policies with Equilibrium Sorting
通过均衡分选模型分析住房选址和通勤方式选择，发现不同交通政策虽能同等减少拥堵，但社会福利影响差异显著，且拥堵收费与地铁扩建组合效果最佳。
We estimate an equilibrium sorting model of housing location and commuting mode choice with endogenous traffic congestion to evaluate urban transportation policies. Leveraging fine-scale data from travel diaries and housing transactions identifying residents' home and work locations, we recover rich preference heterogeneity over both travel mode and residential location decisions. While different policies produce the same congestion reduction, their impacts on social welfare differ drastically. In addition, sorting undermines the congestion reduction under driving restrictions and subway expansion but strengthens it under congestion pricing. The combination of congestion pricing and subway expansion delivers the greatest congestion relief and efficiency gains.