Key Definitions

Externality: An externality is an economic term referring to the cost or benefit that is produced by one party but affects another party.

Single Occupancy Vehicle (SOV): SOV is a private vehicle that transports only the driver, and no passengers.

Price Elasticity of Demand: Price elasticity of demand measures the rate of change in the quantity demanded in response to a unit change in the price.

Ridesharing: Ridesharing refers to a mode of travel including vanpooling or carpooling, where one vehicle carries multiple passengers.

Business Improvement District (BID): A BID is a non-profit organization of a defined commercial area where businesses pay a separate tax in order to fund projects to improve the district, often with the goal of drawing customers to the area.

Travel Demand Management (TDM): Travel Demand Management ecompasses all the tools used to manage transportation systems and traffic congestion.

Scenario Analysis: Scenario analysis in transportation modeling includes considering future alternatives, while comparing and analyzing the alternative outcomes.

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