Abstract
On March 25, 2001, the Value Toll Pricing Program of the Port Authority of New York and New Jersey was introduced at the two tunnels and four bridges that connect New Jersey with New York City. Since that time the program has generated incremental revenue to support an aggressive intermodal capital investment program and has also produced traffic management benefits to address congestion. The program represents one of the most aggressive applications of value pricing on existing toll facilities in the United States. Given the level of congestion experienced in the New York-New Jersey region on a daily basis, the program has generated meaningful steps in addressing traffic congestion through market incentives. The genesis of the program as a revenue enhancement to finance an aggressive new intermodal capital investment program is discussed. The traffic management benefits of the program are then explored, as well as the program's effectiveness in addressing five key policy objectives established for the effort.
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