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Thanks for pointing to the Singapore article; I've heard that their permit scheme was politically controversial, but it's interesting to see just how. It's a marvelous application of market principles to the problem of traffic congestion -- a complement to their congestion-charging scheme, which variably tolls many major roads. Rather than externalizing the costs of congestion by having big traffic jams, Singapore chooses to internalize the costs by taxing cars so heavily that traffic jams never form.

It would be a great inspiration for residential parking permit schemes: just count the number of available spaces and hold an auction to set the price for the spaces. You're always guaranteed a space, and revenue is maximized. No, you don't have certainty over the price you'll pay, and that appears to be politically unpopular even there, in a country where car ownership is low and market mechanisms are well understood.

by Payton on Jun 7, 2012 11:47 am • link • report

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